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Galvatron Metals has a bond outstanding with a coupon rate of 6.4 percent and semiannual payments. The bond currently sells for $950 and matures in

Galvatron Metals has a bond outstanding with a coupon rate of 6.4 percent and semiannual payments. The bond currently sells for $950 and matures in 24 years. The par value is $1,000 and the company's tax rate is 24 percent. What is the company's aftertax cost of debt?

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