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After tax cost of debt can best be described as: Note: (AT refers to after tax and BT refers to before tax) (ISTR refers to

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After tax cost of debt can best be described as: Note: (AT refers to after tax and BT refers to before tax) (ISTR refers to interest subsidy tax rate) O AT ka = BTkd X (ISTR-1) = O AT ka = (1 - kd) AT ka = BTkd X (I - ISTR) O AT ka = BTkd X (1 + ISTR)

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