Cote Import has several bond issues outstanding, each making semiannual interest payments. The bonds are listed in the following table. Bond 1 2 Coupon Rate 7.00 8.50 8.20 7.80 Price Quote 103.22 110.54 109.89 102.79 Face Value $ 45,000,000 40,000,000 50,000,000 65.000.000 5 years 8 years 15.5 years 25 years 3 4 If the corporate tax rate is 34%, what is the after-tax cost of the company's debt? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Cost of debt 4.09 %