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 4.70 percent preferred stock selling at $95.9 per share. Market: A 10.1 percent expected return, a 5.4 percent risk-free rate, and a 40 percent tax rate. Required: Calculate the WACC for Parrothead Enterprises. (Do not include the percent sign ($). Round your answer to 2 decimal places (e.g., 32.16).)