Williams, Incorporated, has compiled the following information on its financing costs: Type of Financing Book Value Market Value Cost Short-term debt $ 15,600,000 $ 14,300,000 4.5% Long-term debt 47,000,000 39,200,000 7.6 Common stock 12,600,000 108,000,000 13.4 Total $ 75,200,000 $ 161,500,000 The company is in the 23 percent tax bracket and has a target debt-equity ratio of 65 percent. The target short-term debt/long-term debt ratio is 10 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.)