Dublin International Corporations marginal tax rate is 40%. Itcan issue three-ye

Dublin International Corporations marginal tax rate is 40%. Itcan issue three-year bonds with a coupon rate of 8.5% and par valueof $1000. The bonds can be sold now at a price of $938.90 each.The underwriters will charge $23 per bond in flotation costs.Determine the approximate after-tax cost of debt for DublinInternational to use in a capital budgeting analysis.A. 9.2% B. 5.1% C. 8.5%D. 6.0%