Solve the below problem:
Q: Asbury Corp. Issued 30 year bonds 11 years ago with a coupon rate of 9.5%. Those bonds are now selling to yield 7%. The firm also issued some 20 year bonds 2 years ago with an 8% coupon rate. The two bond issues are rated equally by Standard and Poor's and Moody's. Asbury's marginal tax rate is 38%.
a) What is Asbury's after tax cost of debt?
b) What is the current selling price of the 20 year bonds?