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You are analyzing the after-tax cost of debt for a firm. You know that the firm's 12-year maturity, 10.50 percent semiannual coupon bonds are selling

You are analyzing the after-tax cost of debt for a firm. You know that the firm's 12-year maturity, 10.50 percent semiannual coupon bonds are selling at a price of $824.12. These bonds are the only debt outstanding for the firm. What is the after-tax cost of debt for this firm if it has a marginal tax rate of 34 percent?

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