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Berkley’s Inc. is currently an all equity firm that has 150,000 shares

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January 8th, 2018

Berkley’s Inc. is currently an all equity firm that has 150,000 shares of stock outstanding with a market price of $40 a share. The current cost of equity is 11% and the tax rate is 40%. The firm is considering adding $2.25 million of perpetual debt with a coupon rate of 6% to its capital structure. The debt will be sold at par value. There is no cost for financial distress.a)What is the value of the levered company? (6 marks)b)What is the WACC of the levered company? (9 marks)

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