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Marble Co has 4% bonds in issue that are redeemable in three years' time. Interest is paid annually, and an interest payment has just been made. The current market price of the bonds is 92.40. Tax is 25% and tax is payable in the same year as the profit to which the tax relates. Using the discount rates below, and no other discount rates, estimate (by calculating an internal rate of return), the cost of the bonds. Enter your answer as a percentage, to one decimal place.
The after-tax cost of the bonds is ________%. |