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Homework: Chapter 14 Homework Save Score: 0 of 1 pt 3 of 6 (2 complete) HW Score: 18.18%, P14-9 (similar to) Question Help (Cost of

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Homework: Chapter 14 Homework Save Score: 0 of 1 pt 3 of 6 (2 complete) HW Score: 18.18%, P14-9 (similar to) Question Help (Cost of debt) Temple-Midland, Inc. is issuing a $1,000 par value bond that pays 7.9 percent annual interest and matures in 15 years. Investors are willing to pay $953 for the bond and Temple faces a tax rate of 19 percent. What is Temple's after-tax cost of debt on the bond? The after-tax cost of debt is %. (Round to two decimal places.)

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