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Calculate the cost of debt for gertrude great gloves

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Gertrude's Great Gloves issue bonds with a face value of $10,000, paying interest at j2 = 7.75%, redeemable in exactly 12 years. An investor purchases the bond for $10,856.50. Calculate the cost of debt (j2) for Gertrude's Great Gloves. You may give your answer as a percentage per annum to the nearest percent or use linear interpolation or a financial calculator to give a more accurate result.

Reference no: EM132589696

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