The bond currently sells for 96 percent of its face value, Financial Management

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The bond currently sells for 96 percent of its face value

Himiny's Cricket Farm Issued a 26-year, 14 percent semiannual bond 4 years ago. The bond currently sells for 96 percent of its face value. The company's tax rate is 31 percent. What is the aftertax cost of debt? (Do not round intermediate calculations. Enter your answer as a percentage, omit the "%" sign in your response, and round your answer to 2 decimal places. For example, 0.12345 or 12.345% should be entered as 12.35.) Please provide a step-by-step solution

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