Cost of debt$)$ Sincere Stationery Corporation needs to raise $$500,000$ to improve manufacturing plant. It has decided to issue a $$1,000$ par value bond with a $14$ percent annual coupon rate and a $10-$year maturity. The investors require a $9\%$ rate of return. Assume Flotation costs are $10\mathrm{.}5\%$ of market priceAssume tax rate is $34\%$

What is the After$-$Tax Cost of Debt?