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The book value of Happy Valley Plc.s equity is $20 million and the book value per share is $40. The stock has a market-to-book ratio

The book value of Happy Valley Plc.s equity is $20 million and the book value per share is $40. The stock has a market-to-book ratio of 2, and the cost of equity is 14%. The companys bonds have a face value of $10 million and sell at a premium, 115% of face value. The YTM of the bonds is 9%. Happy Valleys tax rate is 25%. What is the companys WACC? (10 points)

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