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Titusville Oil has a WACC of 11.8% and a marginal tax rate of31%. If the firm currently has a cost of equity of 16.5% and

Titusville Oil has a WACC of 11.8% and a marginal tax rate of31%. If the firm currently has a cost of equity of 16.5% and wishesto maintain a target debt-equity ratio of 0.57, what isits pre-tax cost of debt?(Report answer in percentage terms and round to 2 decimal places.Do not round intermediate calculations)

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