Drogo, Inc., is trying to determine its cost of debt. The firm has a debt issue outstanding with 23 years to maturity that is quoted at 97 percent of face value. The issue makes semiannual coupon payments and has a coupon rate of 5 percent annually. What is the companys pretax cost of debt? If the tax rate is 35 percent, what is the after-tax cost of debt? (Use Excel)