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Calculate the after-tax cost of debt for the following bond. The face value of the bond is $1,000, interest is paidannually, the coupon rate is

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Calculate the after-tax cost of debt for the following bond. The face value of the bond is $1,000, interest is paidannually, the coupon rate is 18%, and the bond matures in 28 years. Assume that the corporate tax rate is 45% and the issue price of the bond was $1,160 After-tax cost of debt = | 17.02 % % (Round your answer to two decimal places.) Check

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