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The Corrigan Cog Co. issued 25-year, 8.8% bonds 11 years ago. The current quote is 94.35. The firm's tax rate is 26%. Calculate the after-tax

The Corrigan Cog Co. issued 25-year, 8.8% bonds 11 years ago. The current quote is 94.35. The firm's tax rate is 26%. Calculate the after-tax cost of debt. Use 4 decimal places.

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