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Bond Yield and After-Tax Cost of Debt A company's 7% couponrate, semiannual payment, $1,000 par value bond that matures in 20years sells at a price of $676.72. The company's federal-plus-statetax rate is 40%. What is the firm's after-tax component cost ofdebt for purposes of calculating the WACC? (Hint: Base your answeron the nominal rate.) Round your answer to two decimal places.%
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