Weight of debt$($Wd$)$

Weight of equity$($Ws$)$

Before$-$tax cost of debt

Levered beta

Cost of equity$($Ke$)$

After$-$tax cost of debt$($Kd$)$

WACC

$7$

$0$

$1$

$0\mathrm{.}06$

$=$$B$$4*(1+(1-$$B$$3)*($A$7/$B$7))$

$=$$B$$1+$D$7*$$B$$2$

$=$C$7*(1-$$B$$3)$

$=$A$7*$F$7+$B$7*$E$7$

$8$

$0\mathrm{.}2$

$0\mathrm{.}8$

$0\mathrm{.}07$

$=$$B$$4*(1+(1-$$B$$3)*($A$8/$B$8))$

$=$$B$$1+$D$8*$$B$$2$

$=$C$8*(1-$$B$$3)$

$=$A$8*$F$8+$B$8*$E$8$

$9$

$0\mathrm{.}4$

$0\mathrm{.}6$

$0\mathrm{.}08$

$=$$B$$4*(1+(1-$$B$$3)*($A$9/$B$9))$

$=$$B$$1+$D$9*$$B$$2$

$=$C$9*(1-$$B$$3)$

$=$A$9*$F$9+$B$9*$E$9$

$10$

$0\mathrm{.}6$

$0\mathrm{.}4$

$0\mathrm{.}09$

$=$$B$$4*(1+(1-$$B$$3)*($A$10/$B$10))$

$=$$B$$1+$D$10*$$B$$2$

$=$C$10*(1-$$B$$3)$

$=$A$10*$F$10+$B$10*$E$10$

$11$

$0\mathrm{.}8$

$0\mathrm{.}2$

$0\mathrm{.}1$

$=$$B$$4*(1+(1-$$B$$3)*($A$11/$B$11))$

$=$$B$$1+$D$11*$$B$$2$

$=$C$11*(1-$$B$$3)$

$=$A$11*$F$11+$B$11*$E$11$