Required information In order to finance a new project, a company borrowed $3,300,000 at 9% per year with the stipulation that the company would repay the loan plus all interest at the end of 1 year. Assume the company's effective tax rate is 32%. Compare the calculated after-tax cost with the approximated cost using the below equation. After-tax cost of debt capital = (Before-tax cost)(1 Te) The calculated after-tax cost is %