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Dunder - Mifflin, Inc. hires an investment banker for the sale of the 6 0 0 , 0 0 0 bonds from Problem 4 .

Dunder-Mifflin, Inc. hires an investment banker for the sale of the 600,000 bonds from Problem 4. The investment banker charges a 2% fee on each bond sold. What is the cost of debt to DMI if the following are the proceeds before the banker's fees are deducted?
$54,000,000?
13.64%
15.38%
13.04%
14.84%
11.52%
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