You are given the following information concerning Parrothead Enterprises: Debt: 10,900 7.4 percent coupon bonds outstanding, with 21 years to maturity and a quoted price of 108.75. These bonds pay interest semiannually. Common stock: 320,000 shares of common stock selling for $66.40 per share. The stock has a beta of 1.05 and will pay a dividend of $4.60 next year. The dividend is expected to grow by 5.4 percent per year indefinitely. Preferred stock: 9,900 shares of 4.7 percent preferred stock selling at $95.90 per share. Market: A 10.1 percent expected return, a risk-free rate of 5.4 percent, and a 40 percent tax rate. Required: Calculate the WACC for Parrothead Enterprises. (Do not round intermediate calculations. Enter your answer as a percentage rounded to 2 decimal places (e.g., 32.16).)