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A firm has the following capital structure: Source of Fund Capital Cost of Capital Common Stock 20M 15% Preferred Stock 6M 8% Debt 45M 9%

A firm has the following capital structure:

Source of Fund	Capital	Cost of Capital
Common Stock	20M	15%
Preferred Stock	6M	8%
Debt	45M	9%
Retained Earnings	19M	15%

Determine the MARR.

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