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Consider a firm that has $10 million in debt and $25 million in equity. The rates of return for debt and equity are 9% and

Consider a firm that has $10 million in debt and $25 million in equity. The rates of return for debt and equity are 9% and 13%, respectively. The corporate tax rate is 23%. What is the weighted average cost of capital? Enter your answer as a percentage and rounded to 2 DECIMAL PLACES. Do not include the percentage sign in your answer.

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