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13. (4 pts.) Shepard Industries expects free cash flow of $10 million each year. Shepard's corporate tax rate is 35%, and its unlevered cost of

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13. (4 pts.) Shepard Industries expects free cash flow of $10 million each year. Shepard's corporate tax rate is 35%, and its unlevered cost of equity is 10%. The firm also has outstanding debt of$40 million and it expects to maintain amount of debt permanently. What is the value of Shepard Industries with leverage

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