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Belton Distribution Company is issuing a $ 1,000 par value bond that pays 7.0% annual interest and matures in 15 yrs t

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1-      Belton Distribution Company is issuing a $ 1,000 par value bond that pays 7.0% annual interest and matures in 15 yrs that is paid semiannually. Investors are willing to pay $ 958 for the bond. The company is in the 18% marginal tax bracket. What is the firm’s after-tax cost of debt on the bond?

The firm after-cost of debt on the bond is ….% ( round to two decimal places)

 
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