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Consider a firm that has a debt-equity ratio of 1/2. The rate of return for debt is 6% and the rate of return for equity

Consider a firm that has a debt-equity ratio of 1/2. The rate of return for debt is 6% and the rate of return for equity is 12%. The corporate tax rate is 38%. 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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