Question 9 (1 point) The Patrick Company's year-end balance sheet is shown below. Its cost of common equity is 13.80%, its before-tax cost of debt is 5.80%, and its marginal tax rate is 35.00%. Assume that the firm's long-term debt sells at par value. The firm has 1,080 shares of common stock outstanding that sell for $5.80 per share. Calculate Patrick's WACC using market value weights. Assets Liabilities and Equity Cash 1,000 2,000 Accounts receivable Inventories Plant and equipment, net 8,000 7,000 Long-term debt 10,000 Common equity 20,000 Total liabilities and equity 12,000 20,000 Total assets 10.600% 08.175% 09.313% 09.800% 9.788%