Boulder Furniture has bonds outstanding that mature in 15 years, have a 6 percent coupon, and pay interest annually. These bonds have a face value of $1,000 and a current market price of $987. What is the company's after-tax cost of debt if its tax rate is 32 percent?

Group of answer choices

2.79 percent

4.42 percent

4.17 percent

3.58 percent