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A firm currently has a debt - equity ratio of 3 / 5 . The debt, which is virtually riskless, pays an interest rate of

A firm currently has a debt-equity ratio of 3/5. The debt, which is virtually riskless, pays an interest rate of 7%. The expected rate of return on the equity is 16%. What is the Weighted-Average Cost of Capital if the firm pays no taxes? Enter your answer as a percentage rounded to two decimal places.
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