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2. Rankin Corp. issued 30-year, 7% bonds 7 years ago. The bond currently is quoted at 108.25. The firm's tax rate is 35%. Calculate the

2. Rankin Corp. issued 30-year, 7% bonds 7 years ago. The bond currently is quoted at 108.25. The firm's tax rate is 35%. Calculate the after-tax cost of debt

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