The common stock currently sells for 20 per share and there are 1 million common shares outstanding.

Birmingham Corporation (all values in millions)

Assets		Liabilities and Equity
Cash & Marketable Securities	1.0	Bonds (annual coupon = 8%, maturity = 10 years, yield to maturity = 9%)	10.0
Accounts Receivable	3.0	Common Stock (par value .10 per share)	0.1
Inventories	7.0	Additional Paid in Stockholders' Capital	9.9
Plant & Equipment	21.0	Retained Earnings	12.0
Total	32.0	Total	32.0

The beta of the stock is .8, the market risk premium is 10%, the risk-free rate is 6%, and the firm's tax rate is 40%,

What is the market value of Birmingham Corporation's debt? Assume the next annual interest coupon is due in exactly one year's time.

What's the WACC?