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21. Provincial Corporation's capital structure is 30% debt, 10% preferred, and 60% common equity. The company's cost of debt is 7%, cost of preferred is
21. Provincial Corporation's capital structure is 30% debt, 10% preferred, and 60% common equity. The company's cost of debt is 7%, cost of preferred is 8%, and cost of equity is 11%. The firm's marginal tax rate is 40 percent. What is the weighted average cost of capital for Provincial? (Omit % sign and answer with 2 decimal places, X.XX percent)
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