Advance Inc. is trying to determine its cost of debt. The firm has a debt Issue outstanding with 17 years to maturity that is quoted at 95 percent of face value. The issue makes semiannual payments and has a coupon rate of 8 percent annually. What Is Advance's pre-tax cost of debt? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Cost of debt 1% If the tax rate is 35 percent, what is the after-tax cost of debt? (Do not round Intermediate calculations. Round the final answer to 2 decimal places.) Cost of debt %