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The Glencoe Company has total market value of $20,000 and total debt of $8,000 (market and book value of debt are equal). The yield-to-maturity on

The Glencoe Company has total market value of $20,000 and total debt of $8,000 (market and book value of debt are equal). The yield-to-maturity on Glencoes bonds is 9%. The cost of capital with no debt is 15%. The tax rate is 34%. If there are no costs of financial distress, what is the WACC? (General M&M assumptions apply)

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