45. If the cost of capital for the project shown below is 3.5 percentage points less than the projects IRR (for example, if the projects IRR is 12%, the cost of capital is 8.5%), what is the NPV of the project? Year Cash Flow 0 ($210,000) 1 $40,000 2 $50,000 3 $60,000 4 $60,000 5 $70,000 6 $70,000

46. Panthers, Inc. has a capital structure of 20% debt and 80% equity. The tax rate is 40%. The firms bonds currently trade in the market for $950. These face value $1,000 bonds have a coupon rate of 6%, paid semiannually, with 10 years to maturity. The firms common stock trades for $20 per share. The firm just paid a dividend of $2. Future dividends are expected to grow at 3% per year forever. Panthers WACC is _____%. Round your answer to 2 decimal places.