Afirm's capital structure consists of 30% long-term debt. At present, the company can raise debt by selling 21-year bonds with a 10.91% annual coupon interest rate. The firm is in a 40.65% income tax bracket. Its bonds generally require an average discount of $41.48 per bond and flotation costs of $32.85 per bond when being sold Required: Calculate the firm's current after-tax cost of long-term debt