The Mcdaniel Company S Financing Plans For Next Year Include The Slae Of Long Te

The McDaniel Company’s financing plans for next year include the slae of long-term bonds wiht a 10 percent coupon. They company believes it can sell the bonds at a price tht will provide a yield to maturity of 12 percent. If the marginal tax rate is 34 percent, what is McDaniel’s after-tax cost of debt?

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