At the present time, Western Gas & Electric Company $($WGC$)$ has $15-$year noncallable bonds with a face value of $$1,000$ that are outstanding. These bonds have a current market price of $$1,555\mathrm{.}38$ per bond, carry a coupon rate of $11\%,$ and distribute annual coupon payments. The company incurs a federal$-$plus$-$state tax rate of $25\%.$ If WGC wants to issue new debt, what would be a reasonable estimate for its after$-$tax cost of debt $($rounded to two decimal places$)?($Note: Round your YTM rate to two decimal place.$)$

$4\mathrm{.}11\%$

$3\mathrm{.}70\%$

$3\mathrm{.}29\%$

$4\mathrm{.}93\%$