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Jack's Boutique has 12,000 bonds outstanding at a quoted price of 98% of face value. The bonds mature in 11 years and carry a 9%

Jack's Boutique has 12,000 bonds outstanding at a quoted price of 98% of face value. The bonds mature in 11 years and carry a 9% annual coupon. What is Jack's aftertax cost of long term debt if the marginal tax rate is 21%? Enter percent, round to 2 decimal places.

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