Synopticom Inc. plans a bond issue for the near future and wants to estimate its current cost of debt capital. After talking with the firm’s investment banker, the firm’s chief financial officer has determined that a 20-year maturity bond with a $1,000 face value and 8 percent coupon (paying 8% × $1,000 = $80 per year in interest) can be sold to investors for net proceeds of $908.32. If the Synopticom tax rate is 34 percent, what is the after-tax cost of debt financing to the firm?