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HELP PLEASE (Cost of debt) Terrple-Midland, inci is issuing a $1,000 par value bond that poys 8.4 perceet annual interest and matures in 15 years.

HELP PLEASE
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(Cost of debt) Terrple-Midland, inci is issuing a $1,000 par value bond that poys 8.4 perceet annual interest and matures in 15 years. Investors are wiling to pay 5948 for the bond and Temple faces a tax rate of 25 percent. What is Temple's after-tax cost of debt on the bond? The after-tax cost of debt is 5. (Round to two decimal places.)

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