Financial planners at Consolidated Product Mfg. Inc. need to compute the weighted average cost of capital (WACC) so they can discount their projected cash flows. The firm has $300 million in common equity, $300 million in short-term investments, and $300 million in recurring short-term debt. The required rate of return on common equity is 10%. The expected return on short-term investments is 5%, and the after-tax cost of short-term debt is 3%. The firms marginal tax rate is 50%. What is the firms WACC?