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Upstart Inc. has an unlevered cost of capital of 1 8 % , a cost of debt of 6 % , and is 3 5

Upstart Inc. has an unlevered cost of capital of

18 %,

a cost of debt of

6 %,

and is

35 %

financed with debt. There are no corporate taxes. What is Upstart's levered cost of equity?

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