{"id":17184,"date":"2021-07-08T11:15:28","date_gmt":"2021-07-08T11:15:28","guid":{"rendered":"https:\/\/analystprep.com\/study-notes\/?p=17184"},"modified":"2026-03-02T12:52:26","modified_gmt":"2026-03-02T12:52:26","slug":"the-weighted-average-cost-of-capital","status":"publish","type":"post","link":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/the-weighted-average-cost-of-capital\/","title":{"rendered":"The Weighted Average Cost of Capital"},"content":{"rendered":"<script type=\"application\/ld+json\">\r\n{\r\n  \"@context\": \"https:\/\/schema.org\",\r\n  \"@type\": \"VideoObject\",\r\n  \"name\": \"Return Concepts (2022 Level II CFA\u00ae Exam \u2013 Reading 21)\",\r\n  \"description\": \"CFA Level II Equity lesson on Return Concepts covering realized and expected holding period returns, required return estimation, equity risk premium approaches, CAPM and multifactor models, beta estimation, weighted average cost of capital (WACC), and evaluating appropriate discount rates for equity valuation.\",\r\n  \"thumbnailUrl\": \"https:\/\/img.youtube.com\/vi\/UnwokOxe4OM\/maxresdefault.jpg\",\r\n  \"uploadDate\": \"2021-06-24\",\r\n  \"duration\": \"PT58M59S\",\r\n  \"contentUrl\": \"https:\/\/www.youtube.com\/watch?v=UnwokOxe4OM\",\r\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/UnwokOxe4OM\"\r\n}\r\n<\/script>\r\n<script type=\"application\/ld+json\">\r\n{\r\n  \"@context\": \"https:\/\/schema.org\",\r\n  \"@type\": \"QAPage\",\r\n  \"mainEntity\": {\r\n    \"@type\": \"Question\",\r\n    \"name\": \"Which of the following required rates of return would be most appropriate when estimating the total value of a firm with both debt and equity in its capital structure?\",\r\n    \"text\": \"Which of the following required rates of return would be most appropriate when estimating the total value of a firm with both debt and equity in its capital structure?\\n\\nA. Rate of return on equity.\\n\\nB. Rate of return on debt.\\n\\nC. Weighted average cost of capital.\",\r\n    \"answerCount\": 1,\r\n    \"acceptedAnswer\": {\r\n      \"@type\": \"Answer\",\r\n      \"text\": \"The correct answer is C.\\n\\nThe weighted average cost of capital (WACC) is the rate of return used to discount a firm\u2019s cash flows when valuing the firm as a whole, taking into account both debt and equity in its capital structure.\\n\\nOption A is incorrect because the rate of return on equity is used to value only the equity portion. Option B is incorrect because the rate of return on debt is used to estimate the cost of debt, not the total firm value.\"\r\n    }\r\n  }\r\n}\r\n<\/script>\r\n<p><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/UnwokOxe4OM\" width=\"611\" height=\"343\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\r\n<p>A company\u2019s cost of capital is the overall required rate of return of a company\u2019s suppliers of capital, estimated using the company\u2019s weighted average required rates of return for the different sources of capital.<\/p>\r\n<p>For a company with creditors and common shareholders, WACC is expressed as:\u00a0<\/p>\r\n<p>$$\\text{WACC}=\\frac{\\text{MVD}}{\\text{MVD}+\\text{MVCE}}\\text{r}_{d}(1-\\text{Tax rate})+\\frac{MVCE}{\\text{MVD}+\\text{MVCE}}\\text{r}$$<\/p>\r\n<p>Where:\u00a0<\/p>\r\n<p>\\(\\text{MVD}=\\) Market value of debt.<\/p>\r\n<p>\\(\\text{MVCE}=\\) Market value of common equity.<\/p>\r\n<p>\\(\\text{r}_{\\text{d}}(1-\\text{Tax rate})=\\) After-tax required rate of return on debt.<\/p>\r\n<p>\\(\\text{r}=\\) Required rate of return on common equity.<\/p>\r\n<p>It is more appropriate to use a company\u2019s marginal tax rate rather than its current effective tax rate because the effective tax rate can reflect nonrecurring items. A cost of capital based on the marginal tax rate usually better reflects a company\u2019s future costs in raising funds.<\/p>\r\n<p>A company&#8217;s current capital structure may differ substantially from what it will be in the future. For this reason, analysts use target weights instead of using current market value weights when calculating WACC. Target weights provide a good approximation of the WACC in cases where the company\u2019s current weights mispresent its normal capital structure.<\/p>\r\n<p>The before-tax required rate of return on debt is estimated using the expected Yield to Maturity of the company&#8217;s debt based on current market values.<\/p>\r\n<div style=\"margin:24px 0;\">\r\n  <a href=\"https:\/\/analystprep.com\/free-trial\/\"\r\n     target=\"_blank\"\r\n     rel=\"noopener noreferrer\"\r\n     style=\"\r\n       display:block;\r\n       width:100%;\r\n       text-align:center;\r\n       padding:16px 20px;\r\n       border:2px solid #2f5bff;\r\n       border-radius:50px;\r\n       background-color:#f5f7ff;\r\n       color:#2f5bff;\r\n       font-size:18px;\r\n       font-weight:500;\r\n       text-decoration:none;\r\n       line-height:1.3;\r\n     \">\r\n     Try WACC questions in our free trial.\r\n  <\/a>\r\n<\/div>\r\n<h4 style=\"line-height: 115%;\"><span lang=\"EN-US\">Example: Calculating the weighted average cost of capital (WACC)<\/span><\/h4>\r\n<p>Consider the following inputs for estimating the cost of capital (all dollar values in $ million):<\/p>\r\n<p>$$\\small{\\begin{array}{l|r}\\text{Book value of the company\u2019s common stock} &amp; $10 \\\\ \\hline\\text{Market value of the company\u2019s common stock} &amp; $15 \\\\ \\hline\\text{Book value of the company\u2019s debt} &amp; $20 \\\\ \\hline\\text{The market value of the company\u2019s debt} &amp; $25 \\\\ \\hline\\text{The required rate of return on equity} &amp; 7\\% \\\\ \\hline \\text{The required rate of return on debt} &amp; 3.50\\% \\\\ \\hline\\text{Tax rate} &amp; 25\\% \\\\\\end{array}}$$<\/p>\r\n<p>The WACC is <em>closest<\/em> to:\u00a0<\/p>\r\n<h4>Solution<\/h4>\r\n<p>$$\\begin{align*}\\text{Weight of debt in the capital structure}&amp;=\\frac{\\text{MVD}}{\\text{MVD}+\\text{MVCE}}\\\\&amp;=\\frac{25}{25+25}=0.625\\end{align*}$$<\/p>\r\n<p>$$\\begin{align*}\\text{Weight of equity in the capital structure}&amp;=\\frac{\\text{MVD}}{\\text{MVD}+\\text{MVCE}}\\\\&amp;=\\frac{15}{25+15}=0.375\\end{align*}$$<\/p>\r\n<p>$$\\text{WACC}=0.625\\times(1-0.25)\\times3.50\\%+(0.375\\times7\\%)=4.27\\%$$<\/p>\r\n<blockquote>\r\n<h2>Question<\/h2>\r\n<p>Which of the following required rates of return would be <em>most appropriate<\/em> when estimating the total value of a firm with both debt and equity in its capital structure?<\/p>\r\n<ol style=\"list-style-type: upper-alpha;\">\r\n\t<li>Rate of return on equity.<\/li>\r\n\t<li>Rate of return on debt.<\/li>\r\n\t<li>Weighted average cost of capital.<\/li>\r\n<\/ol>\r\n<h4>Solution<\/h4>\r\n<p><strong>The correct answer is C.<\/strong><\/p>\r\n<p>The weighted average cost of capital is the rate of return that is used to discount a firm\u2019s cash flow to arrive at its value when it has both debt and equity in its capital structure.<\/p>\r\n<p><strong>A is incorrect. <\/strong>The rate of return on equity is used to estimate the value of equity for a firm.<\/p>\r\n<p><strong>B is incorrect. <\/strong>The rate of return on debt is used to estimate the payment amount the firm makes on its debt<\/p>\r\n<\/blockquote>\r\n<p>Reading 21: Return Concepts<\/p>\r\n<p><em>LOS 21 (g) Explain and calculate the weighted average cost of capital for a company.<\/em><\/p>\r\n\r\n<div style=\"text-align:center;margin:50px 0 30px;\">\r\n\r\n  <a href=\"https:\/\/analystprep.com\/free-trial\/\"\r\n     target=\"_blank\"\r\n     rel=\"noopener noreferrer\"\r\n     style=\"\r\n       display:inline-block;\r\n       padding:14px 34px;\r\n       background:linear-gradient(135deg,#4a74d1,#3b66c4);\r\n       color:#ffffff;\r\n       font-size:18px;\r\n       font-weight:600;\r\n       text-decoration:none;\r\n       border-radius:50px;\r\n       box-shadow:0 6px 18px rgba(59,102,196,0.25);\r\n     \">\r\n     Start Free Trial\r\n  <\/a>\r\n\r\n  <p style=\"\r\n       margin:20px auto 0;\r\n       max-width:720px;\r\n       font-size:16px;\r\n       line-height:1.6;\r\n       color:#333333;\r\n     \">\r\n     Build speed and accuracy on WACC by working through CFA Level II style questions, detailed solutions, and performance tracking.\r\n  <\/p>\r\n\r\n<\/div>","protected":false},"excerpt":{"rendered":"<p>A company\u2019s cost of capital is the overall required rate of return of a company\u2019s suppliers of capital, estimated using the company\u2019s weighted average required rates of return for the different sources of capital. For a company with creditors and&#8230;<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[102,401],"tags":[216,402,423,425],"class_list":["post-17184","post","type-post","status-publish","format-standard","hentry","category-cfa-level-2","category-equity-valuation","tag-cfa-level-2","tag-equity-valuation","tag-reading-25-return-concepts","tag-the-weighted-average-cost-of-capital","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Weighted Average Cost of Capital | CFA L2<\/title>\n<meta name=\"description\" content=\"Learn the WACC formula, weight of equity and debt calculations, and how weighted average cost of capital is used in valuation in CFA Level 2.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/the-weighted-average-cost-of-capital\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Weighted Average Cost of Capital | CFA L2\" \/>\n<meta property=\"og:description\" content=\"Learn the WACC formula, weight of equity and debt calculations, and how weighted average cost of capital is used in valuation in CFA Level 2.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/the-weighted-average-cost-of-capital\/\" \/>\n<meta property=\"og:site_name\" content=\"CFA, FRM, and Actuarial Exams Study Notes\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-08T11:15:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-03-02T12:52:26+00:00\" \/>\n<meta name=\"author\" content=\"Irene R\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Irene R\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/the-weighted-average-cost-of-capital\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/the-weighted-average-cost-of-capital\/\"},\"author\":{\"name\":\"Irene R\",\"@id\":\"https:\/\/analystprep.com\/study-notes\/#\/schema\/person\/7002f30d8f174958802c1c30b167eaf5\"},\"headline\":\"The Weighted Average Cost of Capital\",\"datePublished\":\"2021-07-08T11:15:28+00:00\",\"dateModified\":\"2026-03-02T12:52:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/the-weighted-average-cost-of-capital\/\"},\"wordCount\":578,\"keywords\":[\"CFA-level-2\",\"Equity Valuation\",\"Reading 25 Return Concepts\",\"The Weighted Average Cost of Capital\"],\"articleSection\":[\"CFA Level II Study Notes\",\"Equity Valuation\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/the-weighted-average-cost-of-capital\/\",\"url\":\"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/the-weighted-average-cost-of-capital\/\",\"name\":\"Weighted Average Cost of Capital | CFA L2\",\"isPartOf\":{\"@id\":\"https:\/\/analystprep.com\/study-notes\/#website\"},\"datePublished\":\"2021-07-08T11:15:28+00:00\",\"dateModified\":\"2026-03-02T12:52:26+00:00\",\"author\":{\"@id\":\"https:\/\/analystprep.com\/study-notes\/#\/schema\/person\/7002f30d8f174958802c1c30b167eaf5\"},\"description\":\"Learn the WACC formula, weight of equity and debt calculations, and how weighted average cost of capital is used in valuation in CFA Level 2.\",\"breadcrumb\":{\"@id\":\"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/the-weighted-average-cost-of-capital\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/the-weighted-average-cost-of-capital\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/the-weighted-average-cost-of-capital\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/analystprep.com\/study-notes\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Weighted Average Cost of Capital\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/analystprep.com\/study-notes\/#website\",\"url\":\"https:\/\/analystprep.com\/study-notes\/\",\"name\":\"CFA, FRM, and Actuarial Exams Study Notes\",\"description\":\"Question Bank and Study Notes for the CFA, FRM, and Actuarial exams\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/analystprep.com\/study-notes\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/analystprep.com\/study-notes\/#\/schema\/person\/7002f30d8f174958802c1c30b167eaf5\",\"name\":\"Irene R\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/analystprep.com\/study-notes\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/33caf1e1bcb63ee970b36351f165c7bc714b19614993ab9c2c8bf36273b7df48?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/33caf1e1bcb63ee970b36351f165c7bc714b19614993ab9c2c8bf36273b7df48?s=96&d=mm&r=g\",\"caption\":\"Irene R\"},\"url\":\"https:\/\/analystprep.com\/study-notes\/author\/irene\/\"}]}<\/script>\n<meta property=\"og:video\" content=\"https:\/\/www.youtube.com\/embed\/UnwokOxe4OM\" \/>\n<meta property=\"og:video:type\" content=\"text\/html\" \/>\n<meta property=\"og:video:duration\" content=\"3540\" \/>\n<meta property=\"og:video:width\" content=\"480\" \/>\n<meta property=\"og:video:height\" content=\"270\" \/>\n<meta property=\"ya:ovs:adult\" content=\"false\" \/>\n<meta property=\"ya:ovs:upload_date\" content=\"2021-07-08T11:15:28+00:00\" \/>\n<meta property=\"ya:ovs:allow_embed\" content=\"true\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Weighted Average Cost of Capital | CFA L2","description":"Learn the WACC formula, weight of equity and debt calculations, and how weighted average cost of capital is used in valuation in CFA Level 2.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/the-weighted-average-cost-of-capital\/","og_locale":"en_US","og_type":"article","og_title":"Weighted Average Cost of Capital | CFA L2","og_description":"Learn the WACC formula, weight of equity and debt calculations, and how weighted average cost of capital is used in valuation in CFA Level 2.","og_url":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/the-weighted-average-cost-of-capital\/","og_site_name":"CFA, FRM, and Actuarial Exams Study Notes","article_published_time":"2021-07-08T11:15:28+00:00","article_modified_time":"2026-03-02T12:52:26+00:00","author":"Irene R","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Irene R","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/the-weighted-average-cost-of-capital\/#article","isPartOf":{"@id":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/the-weighted-average-cost-of-capital\/"},"author":{"name":"Irene R","@id":"https:\/\/analystprep.com\/study-notes\/#\/schema\/person\/7002f30d8f174958802c1c30b167eaf5"},"headline":"The Weighted Average Cost of Capital","datePublished":"2021-07-08T11:15:28+00:00","dateModified":"2026-03-02T12:52:26+00:00","mainEntityOfPage":{"@id":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/the-weighted-average-cost-of-capital\/"},"wordCount":578,"keywords":["CFA-level-2","Equity Valuation","Reading 25 Return Concepts","The Weighted Average Cost of Capital"],"articleSection":["CFA Level II Study Notes","Equity Valuation"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/the-weighted-average-cost-of-capital\/","url":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/the-weighted-average-cost-of-capital\/","name":"Weighted Average Cost of Capital | CFA L2","isPartOf":{"@id":"https:\/\/analystprep.com\/study-notes\/#website"},"datePublished":"2021-07-08T11:15:28+00:00","dateModified":"2026-03-02T12:52:26+00:00","author":{"@id":"https:\/\/analystprep.com\/study-notes\/#\/schema\/person\/7002f30d8f174958802c1c30b167eaf5"},"description":"Learn the WACC formula, weight of equity and debt calculations, and how weighted average cost of capital is used in valuation in CFA Level 2.","breadcrumb":{"@id":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/the-weighted-average-cost-of-capital\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/analystprep.com\/study-notes\/cfa-level-2\/the-weighted-average-cost-of-capital\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/the-weighted-average-cost-of-capital\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/analystprep.com\/study-notes\/"},{"@type":"ListItem","position":2,"name":"The Weighted Average Cost of Capital"}]},{"@type":"WebSite","@id":"https:\/\/analystprep.com\/study-notes\/#website","url":"https:\/\/analystprep.com\/study-notes\/","name":"CFA, FRM, and Actuarial Exams Study Notes","description":"Question Bank and Study Notes for the CFA, FRM, and Actuarial exams","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/analystprep.com\/study-notes\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/analystprep.com\/study-notes\/#\/schema\/person\/7002f30d8f174958802c1c30b167eaf5","name":"Irene R","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/analystprep.com\/study-notes\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/33caf1e1bcb63ee970b36351f165c7bc714b19614993ab9c2c8bf36273b7df48?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/33caf1e1bcb63ee970b36351f165c7bc714b19614993ab9c2c8bf36273b7df48?s=96&d=mm&r=g","caption":"Irene R"},"url":"https:\/\/analystprep.com\/study-notes\/author\/irene\/"}]},"og_video":"https:\/\/www.youtube.com\/embed\/UnwokOxe4OM","og_video_type":"text\/html","og_video_duration":"3540","og_video_width":"480","og_video_height":"270","ya_ovs_adult":"false","ya_ovs_upload_date":"2021-07-08T11:15:28+00:00","ya_ovs_allow_embed":"true"},"_links":{"self":[{"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/posts\/17184","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/comments?post=17184"}],"version-history":[{"count":14,"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/posts\/17184\/revisions"}],"predecessor-version":[{"id":42505,"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/posts\/17184\/revisions\/42505"}],"wp:attachment":[{"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/media?parent=17184"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/categories?post=17184"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/tags?post=17184"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}