Williams, Inc., has compiled the following information on its financing costs:

Type of Financing	Book Value			Market Value			Cost
Short-term debt	$	12,800,000		$	12,900,000		3.1	%
Long-term debt		26,000,000			26,600,000		6.2
Common stock		9,800,000			66,000,000		12.0
Total	$	48,600,000		$	105,500,000

The company is in the 24 percent tax bracket and has a target debt-equity ratio of 75 percent. The target short-term debt/long-term debt ratio is 25 percent.

a.	What is the companys weighted average cost of capital using book value weights? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
b.	What is the companys weighted average cost of capital using market value weights? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
c.	What is the companys weighted average cost of capital using target capital structure weights? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)