The weighted average cost of capital for a firm (assuming all
three Modigliani and Miller assumptions apply) is 18 percent. What
is the current cost of equity capital for the firm if its cost of
debt is 11 percent and the proportion of debt to total firm value
for the firm is 0.5? (Round answer to 0 decimal places, e.g. 17%.)
Please show breakdown of equation.

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