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3. The company incurs costs of $24.16 million regardless of the output level. It sells 8.15 million units of its product at the price of
3. The company incurs costs of $24.16 million regardless of the output level. It sells 8.15 million units of its product at the price of $9.1, and its variable costs per unit are $2.03. The company has $50 million of debt with an annual interest rate of 4.03%. What is the degree of financial leverage at the current level of sales? Round to two decimals.
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