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A firm has only two funding sources, debt and equity. Their percentage of debt is 23%. Their tax rate is 23.1% and their pretax cost

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A firm has only two funding sources, debt and equity. Their percentage of debt is 23%. Their tax rate is 23.1% and their pretax cost of debt is 4.54%. If the required return on their equity is 11.5%, then what is their weighted average cost of capital? State your answer as a percentage with two decimal places and not in decimal form (i.e. 13.21 not .1321)

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