jiminy’s cricket farm issued a bond with 10 years to maturity and a semiannual coupon rate of 6 percent 2 years ago. the bond currently sells for 95 percent of its face value. the company’s tax rate is 40 percent. the book value of the debt issue is $55 million. in addition, the company has a second debt issue on the market, a zero coupon bond with 15 years left to maturity; the book value of this issue is $30 million, and the bonds sell for 55 percent of par.

what is your best estimate of the aftertax cost of debt?

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

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