Costly Corporation plans a new issue of bonds with a par value of $1000, a maturity of 28 years, and an annual coupon rate of 10.0%. Flotation costs associated with a new debt issue would equal 8.0% of the market value of the bonds. Currently, the appropriate discount rate for bonds of firms similar to Costly is 6.0%. The firm's marginal tax rate is 50%. What will the firm's true cost of debt be for this new bond issue?