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UWF is 0.36 time as exposed to the business cycle as the broad market. Dave estimates that the expected return on the market is 12.68%

UWF is 0.36 time as exposed to the business cycle as the broad market. Dave estimates that the expected return on the market is 12.68% and the current yield on treasury bonds (a measure of the risk-free rate) is 4.21%. Calculate the market capitalization rate for UWF

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