Bedrick Co. has outstanding 20-year noncallable bonds with a face value of $1,000. These bonds have a current market price of $1,382.73 and an annual coupon rate of 13% and annual coupon payment. The company faces a tax rate of 35%. If the company wants to issue new debt, what would be a reasonable estimate for its after-tax cost of debt? a. 5.75% b. 4.60% c. 5.18% d. 6.61%