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The coupon rate on a debt issue is 8%. If the yield to maturity on the debt is 9%, what is the after-tax cost of

The coupon rate on a debt issue is 8%. If the yield to maturity on the debt is 9%, what is the after-tax cost of debt in the weighted average cost of capital if the firm's tax rate is 38%? (Round your answer to 2 decimal places.)

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