WACC The Pawison Company's year-end balance sheet is shown below. Its cost of common equity is 16%, its before-tax cost of debt is 11%, and its marginal tax rate is 40%. Assume that the firm's long-term debt sells at par value. The firm's total debt, which is the sum of the company's short-term debt and long-term debt, equals $1,101. The firm has 576 shares of common stock outstanding that sell for $4.00 per share Assets Liabilities And Equity Cash $ 120 Accounts payable and $ 10 accruals Accounts receivable 240 Short-term debt 61 Inventaries 360 Long-term debt 1,120 Plant and equipment, net 2,160 Common equity 1,689 Total assets $2.880 Total liabilities and equity $2,880 Calculate Pawlson's WACC using market value weights. Round your answer to two decimal places. Do not round your intermediate calculations