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Time Warner shares have a market capitalization of $50 billion. The company is expected to pay a dividend of $0.50 per share and each share

Time Warner shares have a market capitalization of $50 billion. The company is expected to pay a dividend of $0.50 per share and each share trades for $30. The growth rate in dividends is expected to be 5% per year. Also, Time Warner has $20 billion of debt that trades with a yield to maturity of 8%. If the firm's tax rate is 40%, what is the WACC?

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