Problem 10-9 WACC The Patrick Company's year-end balance sheet is shown below. Its cost of common equity is 17%, its before-tax cost of debt is 10%, and its marginal tax rate is 40%. Assume that the firm's long-term debt sells at par value. The firm's total debt, which is the sum of the company's short-term debt and long-term debt, equals $1,158. The firm has 576 shares of common stock outstanding that sell for $4.00 per share. Calculate Patrick's WACC using market value weights. Round your answer to two decimal places. Assets Liabilities And Equity Cash $ 120 $10 Accounts payable and accruals Accounts receivable 240 Short-term debt 58 Inventories 360 $1,100 Long-term debt Common equity Plant and equipment, net 2,160 1,712 Total assets $2,880 $2,880 Total liabilities and equity %