WACC for McDonalds

I like to compute the WACC for McDonalds. Cost of Equity (Re):

Beta=0.56, Assume that Rf=3.4%, Rm=12.1% (historical data)

Based on CAPM, Re = 3.4% + 0.56 * (12.1% - 3.4%) = ?% --- beta from yahoo finance / Summary

Cost of Debt (Rd):

I use interest expense / (short-term + long-term debt) = 1,185,800 million / (705,500 + 48,643,600) million =2.40% --- from income statement & balance sheet on yahoo finance / Financials

Tax rate (T) = 21% --- current corporate tax rate in the U.S. Market Value of Equity (E) = Stock Price * shares outstanding = 261.36 * 1,660,600 million = 434,014,416 million --- shares outstanding from balance sheet on yahoo finance

Market Value of Debt (D) = (current debt + long-term debt) = 705,500 + 48,643,600 = 49,349,100 million --- from balance sheet, use book value of debt as proxy for market value of debt

Total Firm Value (V) = E + D = 434,014,416 + 49,349,100 = 483,363,516 million

(It does not have preferred stocks.) Finally compute WACC = Rd*(1-T)*(D/V) + Re*(E/V) = (2.40%)(1-21%)(49,439,100 / 483,363,516) + (?%)(434,014,416 / 483,363,516) = ?%

McDonalds has the WACC of ?% based on its latest available financial information.

Can you find the?% based on the information provided