Bonaime, Inc., has 3.9 million shares of common stock outstanding. The current share price is $84, and the book value per share is $11. Stock in Bonaime, Inc. has a beta of 1.10. The market risk premium is 7.8 percent, and T-bills are currently yielding 0.76 percent. Bonaime's most recent dividend was $2.67 per share, and dividends are expected to grow at an annual rate of 6 percent indefinitely. The company also has a bond issue outstanding with semi-annual coupon payments. The bond issue has a face value of $105 million, a coupon rate of 6.3 percent, sells for 98 percent of par, and matures in 20 years. The tax rate for the company is 30%. Please answer all the following questions: a. What is the firm's before-tax cost of debt and how can this be computed by using Excel? b. What is the current market price for the bonds?