Doubt for Question #14,
According to MM II, VL = Vu + t*D,
Then in Q #14, why VL = NOPAT/Kc?
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Q14 is asking for WACC
WACC=EBIT/Total Capital
Equity= 2,000,000/0.6 =3,333,333
Total Capital= 2,000,000+3,333,333= 5,333,333
WACC= 600,000/5,333,333
=0.11 i.e. 11%