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Black Hill Inc. sells $100 million worth of 24-year to maturity 13.75% annual coupon bonds. The net proceeds (proceeds after flotation costs) are $974 for

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Black Hill Inc. sells $100 million worth of 24-year to maturity 13.75% annual coupon bonds. The net proceeds (proceeds after flotation costs) are $974 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

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