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Brown Enterprises has bonds that mature in 10 years with a coupon rate of 8.5 percent. The coupon is paid annually. What is the company's

Brown Enterprises has bonds that mature in 10 years with a coupon rate of 8.5 percent. The coupon is paid annually. What is the company's after tax cost of debt if the bonds have a face value of $1,000 and sell in the market today for $945. The tax rate is 40 percent.

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