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Luther Industries has 25 million shares outstanding at $18 a share. It has $150 million in debt. Luther's cost of equity is 15.2%, its cost
Luther Industries has 25 million shares outstanding at $18 a share. It has $150 million in debt. Luther's cost of equity is 15.2%, its cost of debt is 7%, and its corporate tax rate is 40%. Calculate Luther Industries' weighted average cost of capital. Round your answer to two decimal places as a percentage.
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