Nodebt, Inc., has zero debt (w_d = 0). It is considering restructuring to increase its percentage of debt to w_d = 25%. Its beta is 1.4, the risk-free rate is 5%, the market risk premium is 7%, and if it restructures, the required return on its debt will be 12%. Nodebt's tax rate is 25%.

Using the Hamada equation, calculate Nodebt's required return on equity after the recapitalization. Do not round intermediate calculations. Round your answer to two decimal places.

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Using the MM model with corporate taxes calculate Nodebt's required return on equity. Do not round intermediate calculations. Round your answer to two decimal places.

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Using the APV model, calculate Nodebt's required return on equity. Do not round intermediate calculations. Round your answer to two decimal places.

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