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JPR Company is financed 77 percent by equity, with the remaining financing coming from debt. If the firm earns $50 million in net income next
JPR Company is financed 77 percent by equity, with the remaining financing coming from debt. If the firm earns $50 million in net income next year and retains 54% of it, how large can the capital budget be before new common stock must be sold, to the nearest $0.01 million? E.g., if your answer is $23.275 mln., record it as 23.28.
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