A company is going to issue a $1,000 par value bond that pays a 12% annual coupon. The company expects investors to pay $833.96. for the 28-year bond. The expected flotation cost per bond is $30, and the firm is in the 22% tax bracket. Compute the firm's after-tax cost of new debt. Round your calculations to the nearest 0.01% Round to the nearest 0.1%. Enter your answer as a percentage. For example, if your answer is "2.5%", enter "2.5