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Calculate the cost of debt for gertrude great gloves

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Reference no: EM133011593

Problem 1: Gertrude's Great Gloves issue bonds with a face value of $100, paying interest at j22Cost of debt = % pa = 9%, redeemable in exactly 14 years. An investor purchases the bond for $101.59. Calculate the cost of debt (j) 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: EM133011593

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