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Canon Corporation. has a market value of its debts of $350 millions with 8% cost of debt. Currently, there are 10 million shares outstanding, each

Canon Corporation. has a market value of its debts of $350 millions with 8% cost of debt. Currently, there are 10 million shares outstanding, each traded at $60. If the company has an 10% tax rate, the risk-free rate is 3% and the expected return on the market portfolio is 10%, calculate the Weighted Average Cost of Capital (WACC). Note that Canon Corporation has a market risk of 1.3 (beta)

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