The Patrick Company's year-end balance sheet is shown below. Its cost of common equity is 16%, its before-tax cost of debt is 13%, 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 $1,152. The firm has 576 shares of common stock outstanding that sell for $4.00 per share. Calculate Patrick's WACC using market-value weights.

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Assets Liabilities and Equity 130 eh Accounts receivable Inventories Plant and equipment, net Total assets 360 2,160 $20 Accounts payable and accruals Short-term debt Long-term debt Common equity Total liabilities and equity 10 52 1,100 1728 $2,890