A firm has a bond issue outstanding and wants to know its pre-tax cost of debt. Each bond has a $1,000 par value, 5 years to maturity, a 6% coupon rate, and currently sells for $1,050. The bond pays coupons twice per year or semiannually. What is the company's pre-tax cost of debt? Enter your answer as a percent rounded to 2 decimal places (e.g., 12.35).