Carraway Seed Company is issuing a $1,000 par value bond that pays11 percent annual interest and matures in 12 years. Investors are willing to pay $980 for the bond. Flotation costs will be 12 percent of market value. The company is in a 20 percent 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 enter your response here%. (Round to two decimal places.)