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A company has $20 million face value of bonds outstanding that pay a coupon of 10 percent annually and have 8 years to maturity. The

A company has $20 million face value of bonds outstanding that pay a coupon of 10 percent annually and have 8 years to maturity. The bonds have a 12 percent yield to maturity. What value should be used for debt in the company's WACC calculation?

$20 million

$23.01 million

$22.13 million

$8.89 million

$18.01 million

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