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(Cost of debt) Temple Midland, Inc. is issuing a $1.000 par value bond that pays 78 percent annual interest and matures in 15 years Investors

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(Cost of debt) Temple Midland, Inc. is issuing a $1.000 par value bond that pays 78 percent annual interest and matures in 15 years Investors are willing to pay $946 for the bond and Temple faces a tax rate of 23 percent What is Tomple's atte-tax cost of debt on the bond? The after-tax cost of debt is OK (Round to two decimal places:)

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