Carraway seed company is issuing a $1,000 par value bond that pays 7% annual interest and matures in 14 years. Investors are willing to pay $930 for the bond. Flotation costs will be 12% of market value. The company is in a 30% tax bracket. What will be the firm's after-tax cost of debt on the bond?

The firm's after-tax cost of debt on the bond will be (blank) %. (round to two decimal places)