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Kenny Enterprises has just issued a bond with a par value of $1,000, a maturity of twenty years, and a coupon rate of 11.4% with

Kenny Enterprises has just issued a bond with a par value of $1,000, a maturity of twenty years, and a coupon rate of 11.4% with semiannual payments. What is the cost of debt for Kenny Enterprises if the bond sells at the following prices?

a) $928

b) $1,000

c) $1,060.72

d) $1,131.49

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