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(Cost of debt) Temple-Midland, Inc is issuing a $1,000 par value bond that pays 8.8 percent annual interest and matures in 15 years investors are

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(Cost of debt) Temple-Midland, Inc is issuing a $1,000 par value bond that pays 8.8 percent annual interest and matures in 15 years investors are wiling to pay 5945 for the bond and Temple taces a tax rate of 33 percent. What is Temple's atter-tax cost of debt on the bond? The after-tax cost of debt is W. (Round to two decimat places)

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