ControlWaller, Inc., is trying to determine its cost of debt. The firm has a debt issue outstanding with $8$ years to maturity twith a current price of $$1042.$ The issue makes semiannual payments and has coupon rate of $8$ percent. If the tax rate is $0\mathrm{.}35,$ what is the pretax cost of debt? Enter the answer with $4$ decimals $($e$.$g$.0\mathrm{.}0123)$