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 12% Interest on the bank debt and 10% Interest on the secured debt. Wishing Well has 10 million shares of stock outstanding, trading at $93 per share. The expected return on Wishing Well's common stock Is 22%. (Table figures in $ millions.) $ $ 120 280 50 450 2,350 Bank loan Accounts payable Current liabilities 26e 160 420 Cash and marketable securities Accounts receivable Inventory Current assets Real estate Other assets Total $ $ 2,210 130 Long-term debt Equity Total 3ee $ 2,930 $ 2,930 Calculate Wishing Well's 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 12.2 %