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16. Pfd Company has debt with a yield to maturity of 7%, a cost of equity of 13%, and a cost of prefersred stock of
16. Pfd Company has debt with a yield to maturity of 7%, a cost of equity of 13%, and a cost of prefersred stock of 9%. The market values of its debt, preferred stock, and equity are $10 million, $3 million, and $15 million, respectively, and its tax rate is 25%. What is this firm's after-tax WACC
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