Question: The table below provides selected financial data for the Vogon Construction Co. in Years t and t-1. Selected Financial Information Vogon Construction Co. Year t-1

The table below provides selected financial data for the Vogon Construction Co. in Years t and t-1.

Selected Financial Information Vogon Construction Co.
Year t-1 Year t
Interest Expense 32.4
Short-Term Debt 61.0 67.1
Long-Term Debt 140.0 35.3
Total Liabilities 461.0 388.4

The company pays an average interest rate of 6% on its borrowed funds. What is the interest expense in Year t? Round your answer to one decimal place.

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