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XYZ Inc. is planning a $200,000 90-day commercial paper issue. The issue is sold for $193,500. There ...

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XYZ Inc. is planning a $200,000 90-day commercial paper issue. The issue is sold for $193,500. There ...

XYZ Inc. is planning a $200,000 90-day commercial paper issue. The issue is sold for $193,500. There is a flotation cost of $1,500. The corporate tax rate is 35%. (Assume a 365-day year.) Which of the following statements is correct?

▸

The before-tax cost is 16.77%.

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The before-tax cost is 15.71%.

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The after-tax cost is 10.21%.

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The after-tax cost is 10.06%.

Textbook

Financial Management: Theory and Practice

Edition: 4^th

Authors: Brigham, Ehrhardt, Gessaroli, Nason

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