A firm with a tax rate of 32% has two bonds issues.

Issue A is 10,000 bonds, each with a face value of $1000 and each paying semi-annual coupons at a rate of 10% APR compounded semi-annually. These bonds have 6 years (12 coupon payments) remaining until maturity and are currently priced at $948.58 each.

Issue B is 8,000 bonds, each with a face value of $1000 and each paying semi-annual coupons at a rate of 8% APR compounded semi-annually. These bonds have 20 years (40 coupon payments) remaining until maturity and are currently priced at $496.99 each.

What is the after-tax cost of debt for the firm, stated as an EAR?