What is the firm pre-tax cost of debt

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Winter Wear, Inc. has 6 percent bonds outstanding that mature in 13 years. The bonds pay interest semiannually and have a face value of $1,000. Currently, the bonds are selling for $993 each. What is the firm's pre-tax cost of debt?

I tried doing these inputs on my calculator...

n=(2*14)=28

PV=993

PMT= ((1000*6%)/2)= 30

FV=1000

Reference no: EM131561415

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