APPLE Trading Corporation is considering issuing long-term debt. The debt would have a 20-year maturity and a 10 percent coupon rate. In order to sell the issue, the bonds must be sold at a premium of 5 percent of face value. In addition, the firm would have to pay flotation costs of 5 percent of face value. The firm's tax rate is 53 percent. Given this information, the after-tax cost of debt for APPLE Trading would be ________. Select one: a. 4.70% b. 6.50% c. 10.00% d. 7.00%