$($Cost of debt$)$ Temple$-$Midland, Inc. is issuing a $$1,000$ par value bond that pays $7\mathrm{.}7$ percent annual interest and matures in $15$ years. Investors are willing to pay $$949$ for the bond and Temple faces a tax rate of $31$ percent. What is Temple's after$-$tax cost of debt on the bond?

The after$-$tax cost of debt is $\%.($Round to two decimal places.$)$