The June Bug has a bond issue outstanding with a $700,000,000 par value. The bond issue pays a 7 percent coupon on par (in semi-annual installments) in perpetuity. The bond issue has a current market price equal to 95.00 percent of par value. The tax rate is 31.00 percent. What is the amount of the after-tax annual interest payment made by the firm? Don't include the $ sign in your answer Numeric Response Johnson Tire Distributors has debt with both a face and a market value of $131,250,000. This debt has a coupon rate of 8 percent and pays interest annually. The expected earnings before interest and taxes is a constant $50,000,000 in perpetuity. The company's tax rate is 25 percent, and the unlevered cost of capital is 20 percent. What is the firm's cost of equity? Write your answer as a percent rounded to two digits, but don't include the % sign (e.enter 12.63, not 0.1263). HINT: You need to use both M&M propositions. Numeric Response