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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 paid annually, the coupon rate

Calculate the after-tax cost of debt for the following bond. The face value of the bond is $1,000, interest is paid annually, the coupon rate is 13% and the bond matures in 24 years. Assume that the corporate tax rate is 45%. When the bond was issued it sold for a price of $1,160.

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