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Need help with the following problwm. P10-1 Fairyland Inc. has a $2 million (face value) 10 year bond issue selling for 97 percent of par

Need help with the following problwm.

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P10-1 Fairyland Inc. has a $2 million (face value) 10 year bond issue selling for 97 percent of par that pays an annual coupon of 8.25 percent. What would be Fairyland's before-tax component cost of debt? It is a Time Value of Money problem - use the formula, Excel, or Financial Calculator app

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