Please help.. This answer is incorrect. So is 9.88%. Cannot figure this out.

You are given the following information concerning Parrothead Enterprises: Debt: 9,500 7 percent coupon bonds outstanding, with 25 years to maturity and a quoted price of 105.25. These bonds pay interest semiannually. 250,000 shares of common stock selling for $65.00 per share. The stock has a beta of .90 and will pay a dividend of $3.20 next year. The dividend is expected to grow by 5 percent per year indefinitely. Preferred stock: 8,500 shares of 4.5 percent preferred stock selling at $94.50 per share. Market: A 11.5 percent expected return, a risk-free rate of 5 percent, and a 35 percent tax rate. Required: Calculate the WACC for Parrot head Enterprises. (Do not round intermediate calculations. Enter your answer as a percentage rounded to 2 decimal places (e.g., 32.16).) WACC 9.80 %