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Mullineaux Corporation has a target capital structure of 56 percent common stock, 5 percent preferred stock, and 39 percent debt.

Mullineaux Corporation has a target capital structure of 56 percent common stock, 5 percent preferred stock, and 39 percent debt. Its cost of equity is 14 percent, the cost of preferred stock is 8 percent, and the cost of debt is 9 percent. The relevant tax rate is 31 percent.

Required:
What is Mullineaux's WACC?

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