Jiminy's Cricket Farm issued a 20-year, 7 percent semiannual coupon bond 5 years ago. The bond currently sells for 94 percent of its face value. The company's tax rate is 24 percent. What is the company's pretax cost of debt?

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03-08-2024
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Jiminy's Cricket Farm issued a 20-year, 7 percent semiannual coupon bond 5 years ago. The bond currently sells for 94 percent of its face value. The company's tax rate is 24 percent. What is the company's pretax cost of debt?

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