The table below shows a book balance sheet for the Wishing Well Motel chain. The company's 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 15% interest on the bank debt and 13% interest on the secured debt. Wishing Well has 10 million shares of stock outstanding, trading at $87 per share. The expected return on Wishing Well's common stock is 20%. (Table figures in $ millions.) $ 290 Bank loan Accounts payable Current liabilities 170 $ 460 Cash and marketable securities Accounts receivable Inventory Current assets Real estate Other assets Total $ 150 310 50 $ 510 2,500 100 $ 3, 110 Long-term debt 2,450 200 Equity Total $ 3, 110 Calculate Wishing Well's 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 %