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Bill Mills, a restaurant entrepreneur, has decided to build a new restaurant. The entire project will cost $3 million. He will borrow $2 million at

Bill Mills, a restaurant entrepreneur, has decided to build a new restaurant. The entire project will cost $3 million. He will borrow $2 million at an interest rate of 6%, and the rest will be provided by equity investors who require a 12% rate of return. The current business tax rate is 25%. Calculate the WACC for this project.

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