Use the information below to determine before-tax cost of debt financing of bond S. Annual The Selling Price of the Bond (P) Number of Years to Maturity (n) Par Value Before-Tax Cost Floatation Costs of Debt Financing (%) (paid annually) Bond S $1,050 29 6.55% $1,000 $2.39 Round the answer to two decimal places in percentage form. (Write the percentage sign in the “units” box) You should use Excel or financial calculator.

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