### Comment:
Re-read this post after I woke up.  
  
 Your equation isn’t calculating WACC. It’s the required rate of return that the above solves for. WACC is the cost of all capital, debt included. You’re formula listed above is wrong, as its calculating cost of equity, or the required rate of return.  
  
 Everyone who’s read this is now worse off.

### REPLY:
I mean the only difference is the tax adjustment, the lower beta still flows through. 
  
 R(u) = R(wacc) in a friction less economy

### END.