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Scite Inc., is trying to determine its cost of debt. The firm has a debt issue outstanding with 2 years to maturity that is quoted

Scite Inc., is trying to determine its cost of debt. The firm has a debt issue outstanding with 2 years to maturity that is quoted at 106 percent of face value. The issue makes annual payments and has a coupon rate of 8.3 percent annually. What is the firm's pretax cost of debt? (Enter answer in percents.)

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