Problem 19-6 WACC The table below shows a book balance sheet for the Wishing Well Motel chain. The company's long-term debt is secured by its real estate assets, but it also uses short-term bank loans as a permanent source of financing. It pays 11% interest on the bank debt and 9% interest on the secured debt. Wishing Well has 10 million shares of stock outstanding, trading at $89 per share. The expected return on Wishing Well's common stock is 22%. (Table figures in $ millions.) $ Bank loan Accounts payable Current liabilities 310 180 $ 490 Cash and marketable securities Accounts receivable Inventory Current assets Real estate Other assets $ 170 330 50 $ 550 2,600 140 Long-term debt Equity 2,400 400 $ 3,290 Total $ 3,290 Total Calculate Wishing Wells WACC. Assume that the book and market values of Wishing Well's debt are the same. The marginal tax rate is 21%. (Do not round intermediate calculations. Enter your answer as a percent rounded to 1 decimal place.) Weighted-average cost of capital %