The Paulson Company's year-end balance sheet is shown below. Its cost of common equity is 16%, its before-tax cost of debt is 9%, and its marginal tax rate is 25%. 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 $1,157. The firm has 576 shares of common stock outstanding that sell for $4.00 per share. Assets Liabilities And Equity Accounts payable and accruals Short-term debt Cash $120 $10 Accounts receivable 240 57 Inventories 360 1,100 Plant and equipment, net 2,160 1,713 Total assets $2,880 Total liabilities and equity $2,880 Calculate Paulson's WACC using market value weights. Do not round intermediate calculations. Round your answer to two decimal places. % Long-term debt Common equity