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RMB, Inc. sold a 20-year bond at par 12 years ago. The bond pays an 8% annual coupon, has a $1,000 face value, and currently

RMB, Inc. sold a 20-year bond at par 12 years ago. The bond pays an 8% annual coupon, has a $1,000 face value, and currently sells for $893.30. What is the firm's cost of debt?

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