The Pawlson Company's year-end balance sheet is shown below. Its cost of common equity is 15%, its before-tax cost of debt is 11%, and its marginal tax rate is 40%. Assume that the firm's long-term debt sells at par value. The firms total debt, which is the sum of the companys short-term debt and long-term debt, equals $1,137. 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 57

Inventories 360 Long-term debt 1,080

Plant and equipment, net 2,160 Common equity 1,733

Total assets $2,880 Total liabilities and equity $2,880

Calculate Pawlson's WACC using market-value weights. Round your answer to two decimal places. Do not round your intermediate calculations.