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Axon Industries needs to raise $24.84M for a new investment project. If the firm issues one-year debt, it may haveto pay an interest rate of

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Axon Industries needs to raise $24.84M for a new investment project. If the firm issues one-year debt, it may haveto pay an interest rate of 7.46 %. although Axon's managers believe that 4.57 % would be a fair rate given the level of risk. If the firm issues equity, they believe the equity may be underpriced by 8.28%. What is the cost to current shareholders of financing the project out of Equity? NOTE: Provide your answers in Millions. E.G. for 100M you must enter 100.0000, for 20M you must enter 20.0000, etc

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