(cost of debt) The company is insuing $1000 par value bond that pays 11% annual interest and matures in 11 years. investors are willing to pay $965 for the bond. flotation costs will be 14% of the market value. the company is in a 30% tax bracket. what will be the firms after-tax cost of debt on the bond

The firms after-tax cost of debt on the bond will be %

round to two decimals