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6. PJ Manufacturing issued $1,000,20-year bonds 3 years ago at a coupon rate of 8% compounded semiannually. The bonds are currently selling for $850 each.

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6. PJ Manufacturing issued $1,000,20-year bonds 3 years ago at a coupon rate of 8% compounded semiannually. The bonds are currently selling for $850 each. J\&J's marginal tax rate is 40%. Calculate the after tax cost of issuing debt

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