$($Cost of$$ debt$)$ Temple$-$Midland, Inc. is issuing a $$$$1000$ par value bond that pays $7\mathrm{.}2$ percent annual interest and matures in $15$ years. Investors are willing to pay $$$$947$ for the bond and Temple faces a tax rate of $35$ percent. What is$$ Temple's after$-$tax cost of debt on the$$ bond?