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 $981.00. This bond has an annual coupon rate of 8.00%, face value of $1,000, and will mature in 15 years. The marginal tax rate for Coca-Cola is 30.00%. What is the after-tax cost of debt for Coca-Cola? Submit Answer format: Percentage Round to: 2 decimal places (Example: 9.24%, % sign required. Will accept decimal format rounded to 4 decimal places (ex: 0.0924)) unanswered not_submitted #4 Suppose that the Big Burger Corporation wants to add 500.00 new franchises this year that will be operated by the company. Each franchise will be financed with debt and equity at a cost of $2.00 million. Big Burger wants to estimate their cost of financing this venture, starting with the debt. The company will use 60.00% debt financing for the project. Currently, the company has AA-rated bonds trading on the secondary market at 101.00% of face value. These bonds have a face value of $800.00 million, and pay an annual coupon rate of 6.00%. The company has a 35.00% tax rate, and the existing bonds will mature in 10 years. How much debt will the company issue to finance the new franchises? (answer in terms of millions)