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California Code, Inc. sells $100 million worth of 26-year to maturity

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California Code, Inc. sells $100 million worth of 26-year to maturity
12.85% annual coupon bonds. The net proceeds (proceeds after flotation costs) are $877 for each $1,000 bond. What is the before-tax cost of capital for this debt financing?
Round the answer to two decimal places in percentage form. Use Excel or the financial calculator.

 
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