A company has the following liabilities and equity on its balance sheet: Current Liab 20M L-T Debt 67M Equity 50M The firm has 2 million shares outstanding with a current market price of $56 per share. In addition, you know that 30-year Treasury securities are yielding 3.5%, the company's debt is rated BBB, which carries a typical default spread of 2.5% . The company's equity has a beta of 2.0, and the market risk premium is 5%. The company has $23M of excess cash on its balance sheet. The company's tax rate is 30%. What is this company's after-tax cost of debt in percent, to two decimals?