Bond Yield and After-Tax Cost of Debt A company's 8% coupon rate, semiannual payment, $1,000 par value bond that matures in 20 years sells at a price of $662.48. The company's federal-plus- state tax rate is 40%. What is the firm's after-tax component cost of debt purposes of calculating the WACC? (Hint: Base your answer on the nominal rate.) Round your answer to two decimal places. %