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I am having issues with the calcultor help needed Fairyland Inc has a $6 million (face

Question

I am having issues with the calcultor, help needed.

Fairyland Inc. has a $6 million (face

value) 30 year bond issue selling for 105.9 percent of par that pays an annual coupon of 8.0%. What would be Fairyland’s before-tax component cost of debt?

Solving using the Financial Calculator App,

Or, using Excel: =RATE(N,PMT,-PV,FV)

Financial Accounting