The Patrick Company?s cost of common equity is 16%, its before-tax cost of debt is 13%, and its marginal tax rate is 40%. The stock sells at book value. Using the following balance sheet, calculate Patrick?s WACC.

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Liabilities and Equity Assets Cash $ 120 240 Accounts receivable Inventories Plant and equipment, net Total assets Long-term debt Common equity Total liabilities and equity 360 2,160 $1,152 1,728 $2,880 $2,880