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Temple-Midland, Inc. is issuing a ​$1 000 par value bond that pays 8.7 percent annual interest...

Temple-Midland, Inc. is issuing a ​$1 000 par value bond that pays 8.7 percent annual interest and matures in 15 years. Investors are willing to pay ​$949 for the bond and Temple faces a tax rate of 22 percent. What is​ Temple's after-tax cost of debt on the​ bond? The​ after-tax cost of debt is nothing​%. ​(Round to two decimal​ places.)

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