Part $3.$

Calculate the weighted average after$-$tax cost of debt for Great Lakes Packing. the company has two bond issues outstanding. The first issue has a coupon rate of $3\mathrm{.}50\%,$ a face value of $$1,000$ per bond, matures in $8$ years, has a total face value of $$3\mathrm{.}6$ million, and is currently selling for $$1090.$ The second issue has a coupon rate of $5\mathrm{.}94\%,$ a face value of $$2,000$ per bond, matures in $21$ years, has a total face value of $$7\mathrm{.}9$ million, and is priced at $$950.$ Both bonds pay interest semiannually. The company's tax rate is $21$ percent.