The table below shows a book balance sheet for the Wishing Well Motel chain. The companys 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 13% interest on the bank debt and 12% interest on the secured debt. Wishing Well has 10 million shares of stock outstanding, trading at $88 per share. The expected return on Wishing Wells common stock is 22%. (Table figures in $ millions.)

Cash and marketable securities	$	160		Bank loan	$	330
Accounts receivable		230		Accounts payable		150
Inventory		50		Current liabilities	$	480
Current assets	$	440
Real estate		2,100		Long-term debt		1,980
Other assets		120		Equity		200
Total	$	2,660		Total	$	2,660

Calculate Wishing Wells WACC. Assume that the book and market values of Wishing Wells 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.)