The bonds of Topstone Industries are currently selling for 103.3 percent of their face value. These bonds mature in 14 years and pay an annual coupon of 7 percent of face value. What is Topstone's pre-tax cost of debt? A) 6.63 percentB) 7.35 percentC) 7.84 percentD) 8.60 percentE) 9.45 percent
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