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The required rate of return on the bonds of the Exon Corporation is 12%. The firm's beta coefficient is 1.2, the risk-free rate is 8%,

The required rate of return on the bonds of the Exon Corporation is 12%. The firm's beta coefficient is 1.2, the risk-free rate is 8%, and the required rate of return on stocks in general is 14%. If the firm's marginal tax rate is 40%, and it will be financing projects with a 50-50 debt to equity mix, what its weighted average cost of capital?

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