The table below shows a book balance sheet for the WWM Inc. 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 12% interest on the bank debt and 10% interest on the secured debt. WWM Inc. has 10 million shares of stock outstanding, trading at $93 per share. The expected return on WWM Inc.'s common stock is 22%. Calculate WWM Inc.'s after-tax WACC. Assume that the book and market values of debt (only for the bank loan and long-term debt) are the same and the marginal tax rate is 35%. 20.20% 8.30% 7.85% 10.84%