You are given the following information on Parrothead Enterprises: Debt: 9,800 7.3 percent coupon bonds outstanding, with 22 years to maturity and a quoted price of 106. These bonds pay interest semiannually and have a par value of $1,000. Common stock: 265,000 shares of common stock selling for $65.30 per share. The stock has a beta of .98 and will pay a dividend of $3.50 next year. The dividend is expected to grow by 5.3 percent per year indefinitely. Preferred stock: 8,800 shares of 4.65 percent preferred stock selling at $94.80 per share. The par value is $100 per share. Market: 11.2 percent expected return, risk-free rate of 4 percent, and a 23 percent tax rate. Calculate the company's WACC.