Ltd. has issued bonds that never require the principal amount to be repaid to investors. Correspondingly, Sheridan must make interest payments into the infinite future. If the bondholders receive annual payments of $77 and the current price of the bonds is $1,100. Problem 13.16(a1) What is the pre-tax cost of this debt? (Round answer to 2 decimal places, e.g. 15.25\%.) Pre-tax cost of debt Ltd. has issued bonds that never require the principal amount to be repaid to investors. Correspondingly, Sheridan must make interest payments into the infinite future. If the bondholders receive annual payments of $77 and the current price of the bonds is $1,100. Problem 13.16(a1) What is the pre-tax cost of this debt? (Round answer to 2 decimal places, e.g. 15.25\%.) Pre-tax cost of debt