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A firm has a debt-to-equity ratio of 1. Its (levered) cost of equity is 21%, and its cost of debt is 7%. If there were

A firm has a debt-to-equity ratio of 1. Its (levered) cost of equity is 21%, and its cost of debt is 7%. If there were no taxes, what would be its cost of equity if the debt-to-equity ratio were zero? Please show the process.

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