Mint Ltd is planning to issue face value bonds with 20 years to maturity. The face value of the bond would be $800. The company is expected to pay coupons on the bonds at 16% annually and expects a net proceed of $220 from each bond. Mint Ltd currently has 24% tax rate. Using the approximation formula estimate the before tax cost of debt for Mint Ltd. Select one: a. 0.10055% b. 10.05% c. 30.78% d. 0.3078%