The Paulson Company's year-end balance sheet is shown below. Its cost of common equity is 15%, 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 $1,161. The firm has 576 shares of common stock outstanding that sell for $4.00 per share. Assets Liabilities And Equity Cash $ 120 Accounts payable and accruals $10 Accounts receivable 240 Short-term debt 51 Inventories 360 Long-term debt 1,110 Plant and equipment, net 2.150 Common equity 1.709 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