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(Cost of debt) Temple-Mibland, inc. is issuing a $1,000 par valve bond that pays 8.6 percent annual interest and matures in 15 years. Investors are

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(Cost of debt) Temple-Mibland, inc. is issuing a $1,000 par valve bond that pays 8.6 percent annual interest and matures in 15 years. Investors are whing to pay $953 for the bond and Temple taces a tax rate of 21 percent. What is Temple's after tax cost of dobt on the bond? The after-tax cost of debt is (Round to two decimal places.)

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