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Munding Corp. has debt with a market value of $23 million and equity with a market value of $46 million. Its cost of debt is

Munding Corp. has debt with a market value of $23 million and equity with a market value of $46 million. Its cost of debt is 5.4% and its cost of equity is 12%. The firm's marginal tax rate is 21%.

What is the company's weighted average cost of capital?

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