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3. Go to the annual report that Marriott files with the Securities and Exchange Commission (aka 10-K): https://www.sec.gov/Archives/edgar/data/1048286/000162828019002337/mar-g42018x10k.htm (This is a very long document.) Here

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3. Go to the annual report that Marriott files with the Securities and Exchange Commission (aka 10-K): https://www.sec.gov/Archives/edgar/data/1048286/000162828019002337/mar-g42018x10k.htm (This is a very long document.) Here you will find specifics on the interest rate of each outstanding bond issue. To easily navigate to the precise data you need, search "We provide detail" or scroll to section 10 (Long-Term Debt) of their Notes to Consolidated Financial Statements. a. For each series, note the "effective interest rate" and 2018 value. The effective interest rate is the yield-to-maturity on each issue, and you will use the 2018 value as the market value of each issue. 4. Create one single company cost of debt by creating a weighted average of each yield-to-maturity dictated by each issue's market value. a. Consider only the Senior Notes. Disregard Series S because it had matured during 2018 and is no longer outstanding at year end. b. You probably want to use Excel for these calculations. Carry at least eight digits for calculations. Round your vield to four decimall l places For example: 0 1233517 = 0 1234

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