A firm is trying to determine its cost of debt. The firm has a debt issue outstanding with 7 years to maturity that is quoted at 99.45 precent of face value. The issue makes semiannual payments and has a coupon rate of 7.50% annually. What is the after-tax cost of debt if the tax rate is 29%? Multiple Choice 6.01% 7.60% 5.33% 5.40%