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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 6 %. The expected rate

A firm currently has a debt-equity ratio of 3/5. The debt, which is virtually riskless, pays an interest rate of 6 %. 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. Do not include the percentage sign in your answer.

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