$($Discounted payback period$)$ Assuming an appropriate discount rate of $9$ percent, what is the discounted payback period on a project with an initial outlay of $$80,000$ and the following free cash flows?

Year $1=$$$35,000$

Year $2=$$$30,000$

Year $3=$$$40,000$

Year $4=$$$25,000$

Year $5=$$$30,000$

Year $6=$$$20,000$

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The project's discounted payback period is $$ years. $($Round to two decimal places.$)$

$($Cost of debt$)$ Carraway Seed Conmeny is issuing a $$1,000$ par value bond that pays $8$ percent annual interest and matures in $9$ years. Investors are willing to pay $$975$ for the bond. Flotation costs will be $15$ percent of market value. The company is in a $20$ percent tax bracket. What will be the firm's after$-$tax cost of debt on the bond?

The firm's after$-$tax cost of debt on the bond will be $\%.($Round to two decimal places.$)$