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Calculate the after-tax cost of debt for the following bond. The face value of the bond is $1000, 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 $1000, interest is paid annually, the coupon rate is 9% and the bond matures in 18 years. Assume that the corporate tax rate is 35% and the issue price of the bond was $870. The after-tax cost of debt for the bond is what %? (Round to two decimal places.)

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