22. Assume a firm's bonds are currently yielding new investors 6%. The combined federal and state tax rate is 34%. What is the firm's after-tax cost of debt is?

23. The following financial information is available on Rawls Manufacturing Company:

Current per share market price $48.00

Expected per share dividend $2.50

Expected long-term growth rate 6.0%

Rawls can issue new common stock to net the company $44 per share. Determine the cost of using retained earnings.

24. Last year's dividend was $2.50, the anticipated constant growth rate is 4%, the selling price today is $28 per share, and flotation costs are 18%. What is the cost of new equity?