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Consider a firm that has 23% of debt, 9% of preferred stock, and 68% of equity. The rates of return for debt, preferred stock, and

Consider a firm that has 23% of debt, 9% of preferred stock, and 68% of equity. The rates of return for debt, preferred stock, and equity are 6%, 11%, and 12%, respectively. The corporate tax rate is 33%. 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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