Question: A firm issued a $ 1 , 0 0 0 par value, 3 0 - year maturity bond 3 years ago. The bond currently sells

A firm issued a $1,000 par value, 30-year maturity bond 3 years ago. The bond currently sells for $959.50 and has a 12 percent annual coupon that is paid monthly. The firms tax rate is 30 percent. The firms pretax cost of debt is
percent. (Calculate to zero decimal places.)

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