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 14% interest on the bank debt and 10% interest on the secured debt. Wishing Well has 10 million shares of stock outstanding, trading at $83 per share. The expected return on Wishing Well's common stock is 22%. (Table figures in $ millions.) $ Bank loan Accounts payable Current liabilities 280 130 410 $ Cash and marketable securities Accounts receivable Inventory Current assets Real estate Other assets Total $ 110 180 50 $ 340 1,850 110 $ 2,300 Long-term debt Equity Total 1,390 500 $ 2,300 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 %