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Problem 10-5 (similar to) Show WorkQuestion Help Fastest Company has a debt rating of A and a tax rate of 35 percent. The current long-term

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Problem 10-5 (similar to) Show WorkQuestion Help Fastest Company has a debt rating of A and a tax rate of 35 percent. The current long-term government bond yield is 2.3percent. Suppose the typical spread between long-term government yields and A-rated firms is about 2.4 percent. Estimate Fastest Company's after-tax cost of debt. The after-tax cost of debt is %. (Round to two decimal places.)

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