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Grebe Co has 8% bonds in issue that are redeemable at par in four years' time. Interest is paid annually, and an interest payment has just been made. The current market price of the bonds is $108.00. 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.
Using discount rates to two decimal places, the after-tax cost of the bonds is ________% (to one decimal place) |