At the present time, Cold Goose Metal Works (CGMW) has a series of five-year noncallable bonds with a face value of $1,000 that are outstanding These bonds have a current market price of $1,438.04 per bond, carry a coupon rate of 14%, and distribute annual coupon payments. The company incurs a federal-plus-state tax rate of 35%. I CGMW wants to issue new debt, what would be a reasonable estimate for its after-tax cast of debt (rounded to two decimal places)? . 3.08% 2.68% 3.22% 2.41%