Problem 12-17 Calculating the WACC [LO 3] You are given the following information concerning Parrothead Enterprises: Debt: 9,700 7.2 percent coupon bonds outstanding, with 23 years to maturity and a quoted price of 105.75. These bonds pay interest semiannually. Common Stock: 260,000 shares of common stock selling for $65.20 per share. The stock has a beta of .97 and will pay a dividend of $3.40 next year. The dividend is expected to grow by 5.2 percent per year indefinitely. Preferred Stock: 8,700 shares of 4.6 percent preferred stock selling at $94.70 per share. Market: 11.3 percent expected return, risk-free rate of 3.95 percent, and a 22 percent tax rate. \begin{tabular}{lr|} \hline Market & \\ Market expected return & 11.30% \\ Risk-free rate & 3.95% \\ Tax rate & 22% \\ \hline \end{tabular} Complete the following analysis. Do not hard code values in your calculations. Leave the "Basis" input blank in the YIELD function. You must use the built-in Excel function to answer this