RI = NOPAT - WACC * InvestedCapital
I’m pretty sure WACC is calculated with mkt values while Invested Capital uses book values. What’s the intuition behind multiplying book values against a cost of capital based on mkt values?
Would anyone be able to provide insight?
My first thought would be that the $WACC can be thought of as the capital required to satisfy investors based on the actual dollars they have put into the business (book amount). The return they expect is a market rate of return (therfore mkt values should be used). My guess is that in a problem set situation, WACC would likley be given and not calculated, so I wouldnt worry to much about the distinction. 
Are you sure you’re looking at the correct formula? Economic Profit is NOPAT - $WACC, which is (EBIT-Tax) - WACC% times previous year’s balance sheet assets.
RI is Net Income - (r(on equity)*B(book value last year’s equity))