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(Cost of debt) Temple-Midland, Inc is issuing a $1.000 par value bond that pays 8 8 percent annual interest and matures in 15 year Investors

(Cost of debt) Temple-Midland, Inc is issuing a $1.000 par value bond that pays 8 8 percent annual interest and matures in 15 year Investors are willing to pay $953 for the bond and Temple faces a tax rate of 22 percent What is Temple's after-tax cost of debt on th bond? The after-tax cost of debt is 1% (Round to two decimal places)

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