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Suppose a corporation issued a 1 5 - year annual, 6 percent bond, two years ago. The bond is currently selling for 8 4 .

Suppose a corporation issued a 15-year annual, 6 percent bond, two years ago. The bond is currently selling for 84.2 percent of its face value, or $842. What is the corporation's cost of debt?
9%
8%
7%
6%
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