A firm's capital structure consists of 30% long-term debt. At present, the company can raise debt by selling 19-year bonds with a 11.35% annual coupon interest rate. The firm is in a 33% income tax bracket. Its bonds generally require an average discount of $43.08 per bond and flotation costs of $31.49 per bond when being sold. Required: Calculate the firm's current after-tax cost of long-term debt