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QC 12. Milton Industries expects free cash flow of $10 million each year. Milton's corporate...

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QC 12. Milton Industries expects free cash flow of $10 million each year. Milton's corporate tax rate is 21%, and its unlevered cost of capital is 13%. Milton also has outstanding debt of $50.17 million, and it expects to maintain this level of debt permanently. a. What is the value of Milton Industries without leverage? b. What is the value of Milton Industries with leverage

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