Question: Using the following information, calculate N d : Format your answer in millions to the hundredths place. 14,516,000 would be entered as 14.52 The firm

Using the following information, calculate Nd:

Format your answer in millions to the hundredths place. 14,516,000 would be entered as 14.52

The firm needs to raise $22m which it can do with debt at 6.41% or stock at $103 per share.

Existing securities:

Security Amount Rate or Dividend
Bonds $455m 5.50%.
Stock 638m $0.78 per share

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