cial Management Afirm's capital structure consists of 30% long-term debt. At present, the company can raise debt by selling 22-year bonds with a 10.76% annual coupon interest rate. The firm is in a 42% income tax bracket. Its bonds generally require an average discount of $40.05 per bond and flotation costs of $32.99 per bond when being sold. Required: Calculate the firm's current after-tax cost of long-term debt. % (ROUND YOUR ANSWER TO 2 DECIMAL PLACES. FOR EXAMPLE: 17.23)