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Black Hill Inc. Sells $100 million worth of 22-year to maturity 13.44% annual coupon bonds. The net proceeds (proceeds after flotation costs) are $989 for

Black Hill Inc. Sells $100 million worth of 22-year to maturity 13.44% annual coupon bonds. The net proceeds (proceeds after flotation costs) are $989 for each $1.000 bond. What is the before-tax cost of capital for this debt financing? You should use Excel or financial calculator. Your

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