This set of problems is designed to be calculated using the Excel or financial calculator. Do not use financial tables t

[answerhappygod]

This set of problems is designed to be calculated using
the Excel or financial calculator. Do not use financial
tables to calculate these problems. Do not use algebraic
formulas to calculate these problems.
Great Seneca Inc. sells $100 million worth of 27-year to
maturity 13.39% annual coupon bonds. The net proceeds (proceeds
after flotation costs) are $972 for each $1,000 bond. The
firm's marginal tax rate is 35%. What is the after-tax cost of
capital for this debt financing?
Round the answer to two decimal places in percentage
form. (Write the percentage sign
in the "units" box)
You should use Excel or financial
calculator.