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Micro Spinoffs Inc. has one issue of debt outstanding. It is a 22-year debt issued 9 years ago at par value with a coupon rate

Micro Spinoffs Inc. has one issue of debt outstanding. It is a 22-year debt issued 9 years ago at par value with a coupon rate of 2.8%, paid annually. Today, the debt is still selling at par value. If the firms tax bracket is 21%, what is its after-tax cost of debt? Assume a face value of $1,000?

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