You are given the following information on Parrothead Enterprises: Debt: 8,900 7 percent coupon bonds outstanding, with 25 years to maturity and a quoted price of 107.75. These bonds pay interest semiannually and have a par value of $2,000. Common stock: 300,000 shares of common stock selling for $66.00 per share. The stock has a beta of 1.05 and will pay a dividend of $4.20 next year. The dividend is expected to grow by 5 percent per year indefinitely. Preferred stock: 9,500 shares of 4.5 percent preferred stock selling at $95.50 per share. The par value is $100 per share. Market: 10.5 percent expected return, risk-free rate of 4.35 percent, and a 25 percent tax rate. Calculate the company's WACC. (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) WACC