A firm's capital structure consists of 28% long-term debt. At present, the company can raise debt by selling 19-year bonds with a 11.81% annual coupon interest rate. The firm is in a 39% income tax bracket. Its bonds generally require an average discount of $41.73 per bond and flotation costs of $31.95 per bond when being sold. Required: Calculate the firm's current after-tax cost of long-term debt. INPUT YOUR ANSWER AS A PERCENT ROUNDED TO 2 DECIMAL PLACES - FOR EXAMPLE: 28.41%. DO NOT ROUND INTERMEDIATE CALCULATIONS