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CL Corp. has a WACC of 1 2 . 1 7 % . The company's equity beta is 1 . 3 , and its semi

CL Corp. has a WACC of 12.17%. The company's equity beta is 1.3, and its semi-annual coupon bonds have a yield-
to-maturity of 8.8%(APR, semi-annually compounded). The risk-free rate is 4%, the expected return on the market
portfolio is 11.5%, and the tax rate is 35%. What is CL's debt-to-equity (D/E) ratio?
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