Problem 14-8 Calculating Cost of Debt (LO3) Pearce's Cricket Farm issued a 18-year, 8% semiannual bond 3 years ago. The bond currently selis for 92% of its face value. The company's tax rate is 40% Suppose the book value of the debt issue is $45 million In addition, the company has a second debt issue on the market, a zero coupon bond with 12 years left to maturity; the book value of this issue is $35 million and the bonds sell for 51% of par. Assume the par value of the bond is $1,000 What is the company's total book value of debt? (Enter the answer in dollars. Omit $ sign in your response.) Total book value $ What is the company's total market value of debt? (Enter the answer in dollars. Omit $ sign in your response) Totai market value \$ $ What is your best estimate of the after-tax cost of debt? (Do not round intermediate calculations. Enter your answer as a percentage rounded to 2 decimal places.) Cost of debt %