ANZ is a Spanish . firm that conducts major importing and exporting business in Japan, whereby all transactions are invoiced in euros . It obtained debt in the Spain. at an interest rate of 12 percent per year. The long-term risk-free rate in the Spain .is 9.5 percent. The stock market return in the Spain. is expected to be 15.5 percent annually. ANZ's beta is 1.4. Its target capital structure is 35 percent debt and 65 percent equity. ANZ. is subject to a 25% corporate tax rate.