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3. WACC Clifford, Inc., has a target debt-equity ratio of 65. Its WACC is 8.1 percent, and the tax rate is 23 percent a. If

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3. WACC Clifford, Inc., has a target debt-equity ratio of 65. Its WACC is 8.1 percent, and the tax rate is 23 percent a. If the company's cost of equity is 11 percent, what is its pretax cost of debt? b. If the aftertax cost of debt is 3.8 percent, what is the cost of equity

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