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TAFKAP Industries has 5 milion shares of stock outstanding selling at $16 per share, and an issue of $30 million in 8.0 percent annual coupon

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TAFKAP Industries has 5 milion shares of stock outstanding selling at $16 per share, and an issue of $30 million in 8.0 percent annual coupon bonds with a maturity of 20 years, selling at 105 percent of par. Assume TAFKAP's weighted average tax rate is 21 percent. It can make full use of the interest tax shield, and its cost of equity is 12.0 percent What is TAFKAP's WACC? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) WACC

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