For capital budgeting and cost of capital purposes,the firm should always consider reinvested earnings as the first source of capital- i.e.,use these funds first- because reinvested earnings have no cost to the firm.

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The Answer of For capital budgeting and cost of capital purposes,the firm should always consider reinvested earnings as the first source of capital- i.e.,use these funds first- because reinvested earnings have no cost to the firm.

For Capital Budgeting and Cost of Capital Purposes,the Firm Should