$($Cost of debt$)$ Carraway Seed Company is issuing a $$1,000$ par value bond that pays $8$ percent annual interest and matures in $6$ years. Investors are willing to pay $$940$ for the bond. Flotation costs will be $15$ percent of market value. The company is in a $35$ 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 $\%.($Round to two decimal places.$)$