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L.L Incorporated's currently outstanding 10% coupon bonds have a yield to maturity of 12%. LL believes it could issue new bonds at par that would

L.L Incorporated's currently outstanding 10% coupon bonds have a yield to maturity of 12%. LL believes it could issue new bonds at par that would provide a similar yield to maturity. If it's marginal tax rate is 40%, what is LL's after-tax cost of debt? Round your answer to two decimal places.

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