20. A company has a tax rate of 40%. The Cost of a New 30-Year Debt sold at Par = $1,000, Coupon = 10% paid annually, and Flotation cost of 8% is: a. 10.91% b. 6.55% c. 6.37% d. 8.56% e. 7.84% 21. A company has a tax rate of 40%. The Cost of a New 30-Year Debt sold at Par = $1,000, Coupon = 10% paid annually, and Flotation cost of 2% is: a. 10.91% b. 6.12% c. 6.55% d. 5.56% e. 9.84%