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 13% interest on the bank debt and 11% interest on the secured debt. Wishing Well has 10 million shares of stock outstanding, trading at $85 per share. The expected return on Wishing Wells common stock is 18%. (Table figures in $ millions.)

Cash and marketable securities	$	130		Bank loan	$	270
Accounts receivable		290		Accounts payable		170
Inventory		50		Current liabilities	$	440
Current assets	$	470
Real estate		2,400		Long-term debt		2,150
Other assets		120		Equity		400
Total	$	2,990		Total	$	2,990

Calculate Wishing Wells WACC. Assume that the book and market values of Wishing Wells 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.)