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A company has outstanding long-term bonds with a face value of $1,000, a 10% coupon rate, 25 years remaining until maturity, and a current market

A company has outstanding long-term bonds with a face value of $1,000, a 10% coupon rate, 25 years remaining until maturity, and a current market value of $1,214.82. If it pays interest semiannually, then what is the nominal annual pre-tax cost of debt? Solve Manually without financial calculator and excel formula.

use interpolation method

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