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Suppose that Coca-Cola is considering a new capital budgeting project. The project will use debt with maturities of 15 years. To determine the cost of

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Suppose that Coca-Cola is considering a new capital budgeting project. The project will use debt with maturities of 15 years. To determine the cost of debt for the project, an analyst at Coca-Cola looks at currently trading Coca-Cola debt. The analyst is looking at a Coke bond that trades today for $1,028.00. This bond has an annual coupon rate of 7.00%, face value of $1,000, and will mature in 15 years. The marginal tax rate for Coca-Cola is 37.00%. What coupon rate will Coca-Cola put on a new bond? Answer format: Percentage Round to: 2 decimal places (Example: 9.24%,% sign roquirod. Will accopt docimal format rounded to 4 decimal places (ex: 0.0924))

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