Black Hill Inc. sells $$100$ million worth of $20-$year to maturity $13\mathrm{.}12\%$ annual coupon bonds. The net proceeds $($proceeds after flotation costs$)$ are $$981$ for each $$1,000$ bond. What is the before$-$tax cost of capital for this debt financing?

Round the answer to two decimal places in percentage form. $($Write the percentage sign in the "units" box$)$

You should use Excel or financial calculator.