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You are given the following information for Huntington Power Company. Assume the company s tax rate is 2 4 percent. Debt: 3 3 , 0

You are given the following information for Huntington Power Company. Assume the companys tax rate is 24 percent.
Debt:
33,0005.2 percent coupon bonds outstanding, $2,000 par value, 25 years to maturity, selling for 107 percent of par; the bonds make semiannual payments.
Common stock: 485,000 shares outstanding, selling for $79 per share; the beta is 1.13.
Market: 7 percent market risk premium and 4.4 percent risk-free rate.
What is the company's WACC? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g.,32.16.) FYI: answer is NOT 7.84%.

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