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Micro Spinoffs Incorporated issued 10-year debt a year ago ot par value with a coupon rate of 8%. paid annually, Today, the debt is selling

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Micro Spinoffs Incorporated issued 10-year debt a year ago ot par value with a coupon rate of 8%. paid annually, Today, the debt is selling ot $1,180. If the firm's tax bracket is 21%, what is its percentage cost of debt? Assume a face value of $1,000, Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places

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