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

Type of Financing	Book Value	Market Value	Cost
Short-term debt	$ 12,000,000	$ 12,500,000	4.1%
Long-term debt	20,000,000	23,000,000	7.2
Common stock	9,000,000	54,000,000	13.8
Total	$ 41,000,000	$ 89,500,000

The company is in the 21 percent tax bracket and has a target debt-equity ratio of 60 percent. The target short-term debt/long-term debt ratio is 20 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.)