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Patterson Corp has $1,000 par value bonds outstanding with coupons of 5% and 12 years to maturity. The bonds currently trade for $1,146 and pay

Patterson Corp has $1,000 par value bonds outstanding with coupons of 5% and 12 years to maturity. The bonds currently trade for $1,146 and pay interest semi-annually. Patterson's before-tax cost of debt is____%.

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