$($Cost of debt$)$ Temple$-$Midland, Inc. is issuing a $$1,000$ par value bond that pays $8\mathrm{.}5$ percent annual interest and

matures in $15$ years. Investors are willing to pay $$953$ for the bond and Temple faces a tax rate of $33$ percent. What

is Temple's after$-$tax cost of debt on the bond?