The table below shows a book balance sheet for the Wishing Well Motel chain. The companys long-term debt is secured by its real estate assets, but it also uses short-term bank loans as a permanent source of financing. It pays 14% interest on the bank debt and 12% interest on the secured debt. Wishing Well has 10 million shares of stock outstanding, trading at $89 per share. The expected return on Wishing Wells common stock is 18%. (Table figures in $ millions.)

Bank loan Accounts payable Current liabilities 340 150 490 $ Cash and marketable securities Accounts receivable Inventory Current assets Real estate Other assets Total $ 170 240 50 $ 460 2,150 110 $ 2,720 Long-term debt Equity Total 1,930 300 $ 2,720 Calculate Wishing Wells WACC. Assume that the book and market values of Wishing Well's debt are the same. The marginal tax rate is 21%. (Do not round intermediate calculations. Enter your answer as a percent rounded to 1 decimal place.) Weighted average cost of capital %