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Douglass & Frank has a debt-equity ratio of 1.0. The pre-tax cost of debt is 3 percent while the unlevered cost of capital is 23 percent. What is the cost of equity if the tax rate is 39 percent?,HINT: Review M&M Proposition I & II,,answer options:,12.40%,23.00%,35.20%,38.20%,15.92%

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