The Patrick Company\'s year-end balance sheet is shown below. Its cost of common

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The Patrick Company's year-end balance sheet is shown below. Its cost of common equity is 18%, its before-tax cost of debt is 9%, and its marginal tax rate is 40%. Assume that the firm's long-term debt sells at par value. The firm has 576 shares of common stock outstanding that sell for $4.00 per share. Calculate Patrick's WACC using market value weights. Round your answer to two decimal places.

%

Assets Liabilities And Equity Cash $ 120 Accounts receivable 240 Inventories 360 Long-term debt $1,261 Plant and equipment, net 2,160 Common equity 1,619 Total assets $2,880 Total liabilities and equity $2,880

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