necmeuldLIILLUMIWLUMCLLIT Saved Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not ind Problem 13-20 Cost of Debt (L04) Micro Spinoffs Inc. issued 10-year debt a year ago at par value with a coupon rate of 6%, paid annually. Today, the debt is selling at $1,080. If the firm's tax bracket is 21%, what is its percentage cost of debt? Assume a face value of $1,000. (Do not round Intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Answer is complete but not entirely correct. Cost of debt 3.17 %