5 Jay's Bakery has a bond issue outstanding that matures in eight years. The bonds pay interest semiannually. Currently, the bonds are quoted at 97.8 percent of face value and carry a coupon rate of 5.7 percent. What is the cost of debt if the tax rate is 21 percent? A) 5.7% B) 10% C) 6% D) 4.78% E) 7.48% A B c D E