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Compute the weighted average cost of capital for a firm with the following sources of funds and corresponding required rates of return: $5 million common

Compute the weighted average cost of capital for a firm with the following sources of funds and corresponding required rates of return: $5 million common stock at 16%, $500,000 preferred stock at 10%, $3 million debt at 9%. All amounts are listed at market value and the firm's tax rate is 35%. Show all work.

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