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On June 30, 2023, Pharoah Limited issued $3 million of 20 -year, 13% bonds for $3,225,689, which provides a yield of 12%. The company uses

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On June 30, 2023, Pharoah Limited issued $3 million of 20 -year, 13% bonds for $3,225,689, which provides a yield of 12%. The company uses the effective interest method to amortize any bond premium or discount. The bonds pay semi-annuat interest on June 30 and December 31 What is the total cost of borrowing over the life of the bond? Total cost of borrowing over the life of the bond $

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