Delayed Exports has four bonds outstanding. If the relevant tax rate is 32 percent, what is the after-tax cost of Delayed Exports' debt ? (Do not round your intermediate calculations.)

Bond	Coupon Rate	Yield to Maturity	Price Quote (% of Face Value)	Maturity	Face Value
1	5.90%	4.11%	108	5 years	$ 20,000,000
2	7.10%	5.27%	113	9 years	$ 40,000,000
3	6.10%	5.39%	108	17.5 years	$ 46,000,000
4	7.50%	6.09%	119	28.5 years	$ 65,000,000

v: 09_20_2012

3.59%

5.5%

3.74%

3.55%

3.92%