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micro spinoffs inc. issued 20-year debt a year ago at par value with a coupon rate of 8%, paid annually. today, the debt is selling

micro spinoffs inc. issued 20-year debt a year ago at par value with a coupon rate of 8%, paid annually. today, the debt is selling at $1100 . if the firm's tax bracket is 20%, what is it's percentage cost of debt? assume a face value of $1000.

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