Company Alpha currently has 20,000 bonds outstanding. The bond's' coupon rate is 9%.The coupons are paid semiannually.The par value of the bonds is $1000 per bond.The bonds will mature in 15 years and are currently priced at $960 per bond. The firm typically pays flotation costs of 2% of the price on all newly issued securities.The firm's before-tax cost of debt including flotation costs is approximately is?