Finance its capital expenditures

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Your firm needs to raise $10.6 million to finance its capital expenditures for the coming year. The firm earned 4.8 million last year and will pay out half this amount in dividends. If the firm's CFO wants to finance new investments using no more than 30% debt financing, how much common stock will the firm have to issue to raise the needed 10.6 million? __________ million, round 2 decimal places.

Reference no: EM131064605

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