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Time Warner shares have a market capitalization of $80 billion. The company is expected to pay a dividend of $0.50 per share and each

Time Warner shares have a market capitalization of $80 billion. The company is expected to pay a dividend of $0.50 per share and each share trades for $20. The growth rate in dividends is expected to be 9% per year. Also, Time Warner has $15 billion of debt that trades with a yield to maturity of 9%. If the firm's tax rate is 25%, compute the WACC?

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