$($Cost of debt$)$ Carraway company is issuing a $$1,000$ par value bond that pays $9$ percent annual interest and matures in $14$ years. Investors are willing to pay $$990$ for the bond. flotation costs will be $13$ percent of market value. The company is in a $40$ perfent tax bracket. What will the firms after tax cost of debt on the bond? The answer is a $\%.$ Round to two decimal places.