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Given the following information:Percent of capital structure:Preferred stock20%Common equity (retained earnings)40Debt40Additional information: Corporate tax rate24%Dividend, preferred$8.50Dividend, expected common$2.50Price, preferred$105.00Growth rate7%Bond yield9.5%Flotation cost, preferred$3.60Price, common$75.00Calculate the weighted average cost of capital for DigitalProcessing Inc. (Do not round intermediate calculations.Input your answers as a percent rounded to 2 decimal places.)
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