Use the following information to calculate the Average tax rate, Pretax cost of debts (bonds), Aftertax cost of debt(bonds):

Microsoft (MSFT) BALANCE SHEET Fiscal year ends in June. USD in millions. Assets Current assets Cash and cash equivalents Short term investments Receivables Inventories Other current assets Total current assets Non-current assets Gross property, plant and equipment Accumulated Depreciation Operating lease right of use assets Equity investments Goodwill Intangible assets Other long-term assets Total non-current assets Total assets \begin{tabular}{|r|r|} \hline 13,931 & 14,224 \\ \hline 90,826 & 116,110 \\ \hline 44,261 & 38,043 \\ \hline 3,742 & 2,636 \\ \hline 16,924 & 13,393 \\ \hline 169,684 & 184,406 \\ \hline & \\ \hline 134,058 & 111,066 \\ \hline(59,660) & (51,351) \\ \hline 13,148 & 11,088 \\ \hline 6,891 & 5,984 \\ \hline 67,524 & 49,711 \\ \hline 11,298 & 7,800 \\ \hline 21,897 & 15,075 \\ \hline 195,156 & 149,373 \\ \hline 364,840 & 333,779 \\ \hline \end{tabular} Liabilities Current liabilities Short-term debt Accounts payable \begin{tabular}{|r|r|} \hline 2,749 & 8,072 \\ \hline 19,000 & 15,163 \\ \hline \end{tabular} 2 Liabilities 3 Current liabilities 4 Short-term debt 5 Accounts payable 6 Accrued liabilities 7 Unearned revenue 8 Other current liabilities 9 Total current liabilities \begin{tabular}{|r|r|} \hline 2,749 & 8,072 \\ \hline 19,000 & 15,163 \\ \hline 14,728 & 12,231 \\ \hline 45,538 & 41,525 \\ \hline 13,067 & 11,666 \\ \hline 95,082 & 88,657 \\ \hline & \\ \hline 47,032 & 50,074 \\ \hline 26,299 & 27,388 \\ \hline 2,870 & 2,616 \\ \hline 11,489 & 9,629 \\ \hline 15,526 & 13,427 \\ \hline 103,216 & 103,134 \\ \hline 198,298 & 191,791 \\ \hline \end{tabular} 9 Stockholders' equity 0 Common stock and paid-in capital 1 Retained earnings 2 Accumulated other comprehensive income 3 Total stockholders' equity 4 Total liabilities and stockholders' equity \begin{tabular}{|r|r|} \hline 86,939 & 83,111 \\ \hline 84,281 & 57,055 \\ \hline(4,678) & 1,822 \\ \hline 166,542 & 141,988 \\ \hline 364,840 & 333,779 \\ \hline \end{tabular} Microsoft (MSFT) INCOME STATEMENT Fiscal year ends in June. USD in millions. 2022-06 202106202006 Revenue (Sales) Cost of revenue (Cost of goods sold) Gross profit (Gross margin) Sales, general and administrative Research and development EBITDA Deprec and amort Operating income (EBIT) Interest Expense Other (Income) Expense Taxable income Income tax expense Net income \begin{tabular}{|r|r|r|} \hline 198,270 & 168,088 & 143,015 \\ \hline 62,650 & 52,232 & 46,078 \\ \hline 135,620 & 115,856 & 96,937 \\ \hline 13,265 & 13,538 & 11,913 \\ \hline 24,512 & 20,716 & 19,269 \\ \hline 97,843 & 81,602 & 65,755 \\ \hline 14,460 & 11,686 & 12,796 \\ \hline 83,383 & 69,916 & 52,959 \\ \hline 2,063 & 2,346 & 2,412 \\ \hline(2,396) & (3,532) & (2,489) \\ \hline 83,716 & 71,102 & 53,036 \\ \hline 10,978 & 9,831 & 8,755 \\ \hline 72,738 & 61,271 & 44,281 \\ \hline \end{tabular}