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please solve this problem without using Excel and show all steps. 5 4. The market risk premium is 0.04. The debt beta is 0. Assume

please solve this problem without using Excel and show all steps. image text in transcribed
5 4. The market risk premium is 0.04. The debt beta is 0. Assume that 5 million of the fixed expenses are replaced with variable expenses that are currently 5 million. Calculate the asset beta of the company

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