A firm's capital structure consists of 30% long-term debt. At present the company can raise debt by selling 24-year bonds with a 10.08% annual coupon interest rate. The firm is in a 40.79% income tax bracket. Its bonds generally require an average discount of $41.07 per bond and flotation costs of $33.66 per bond when being sold Required: Calculate the firm's current after tax cost of long term debt. % (ROUND YOUR ANSWER TO 2 DECIMAL PLACES. FOR EXAMPLE: 1723)