Great seneca inc sells 100 million worth of 21-year to, Financial Management

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Great seneca inc sells 100 million worth of 21-year to

Great Seneca Inc. sells $100 million worth of 21-year to maturity 8.91% annual coupon bonds. The net proceeds (proceeds after flotation costs) are $988 for each $1,000 bond. The firm's marginal tax rate is 40%. What is the after-tax cost of capital for this debt financing?

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Financial Management: Great seneca inc sells 100 million worth of 21-year to

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