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Cost of debt using the approximation formula For the following $1,000-par-value bond, assuming annual interest payment and a 21% tax rate, calculate the after-tax cost

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Cost of debt using the approximation formula For the following $1,000-par-value bond, assuming annual interest payment and a 21% tax rate, calculate the after-tax cost to maturity using the approximation formula. Life 20 years Underwriting fee $25 Discount (-) or Coupon premium (+) interest rate - $ 209 % The after-tax cost of financing using the approximation formula is %. (Round to two decimal places.)

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