Please explain how PMT is $46.25.

26. To help finance a major expansion. QQQ Company sold a noncallable bond several years ago that now has 20 years to maturity. This bond has a 9.25% annual coupon, paid semiannually, sells at a price of $1.025, and has a par value of $1,000. If the firm's tax rate is 40%, what is the component cost of debt for use in the WACC calculation? FU 2012 (-1,025 PV, 46.25 PMT, 1,000 FV, 40 N, I/YR) = 4.49% (Semiannual rate) Annual rate = 4,49% x 2 = 8.98% After-tax cost of debt=ra(1-1) = 8,98%(1 0.4) = 5.39%