Jiminys cricket farm issued a 30-year 104 percent, Financial Management

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Jiminys cricket farm issued a 30-year 104 percent

Jiminy's Cricket Farm issued a 30-year, 10.4 percent semiannual bond 9 years ago. The bond currently sells for 85.5 percent of its face value. The company’s tax rate is 30 percent.

(a) What is the pretax cost of debt?

(b) What is the aftertax cost of debt?

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Financial Management: Jiminys cricket farm issued a 30-year 104 percent

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Financial Management: Jiminys cricket farm issued a 30-year 104 percent

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