What was the company cost of debt capital after taxes

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A company paid $2,400,000 interest on its debt per year.

It borrowed $38,000,000 in year 0.

The company paid off the principal in year 15 with a single amount of $40,000,000

If the company's effective tax rate is 29%, what was the company's cost of debt capital after taxes?

Round your answer to the nearest whole percentage.

Reference no: EM131096538

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