Bravo, Inc. has a debt issue outstanding with 10 years to maturity and is quoted at 109% of face value. The issue makes semiannual payments and has an annual coupon rate of 4. What is Bravo, Inc.'s pretax cost of debt? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Pretax cost of debt