Question: 4. Upland (PLEASE DO NOT USE EXCEL. SHOW ALL WORK BY HAND) The Upland company has 30 million shares of common stock outstanding, and the

4. Upland (PLEASE DO NOT USE EXCEL. SHOW ALL WORK BY HAND) The Upland company has 30 million shares of common stock outstanding, and the current market price per share of the common stock is $20.00. Long-term debt outstanding is $400 million. The market yield of the debt is 6% and the common stock has an equity beta of 1.50; the risk-free rate of return is 3% and the expected return on the market portfolio is 12%. Also, Upland pays tax at the rate of 25%. Upland is considering a project in the company's existing line of business. What is the required rate of return for this project

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