Efrin Inc. has a bond outstanding with a coupon rate of $5\mathrm{.}9$ percent and semiannual payments. The bond currently sells for $$950$ and matures in $18$ years. The par value is $$1,000.$ What is the company's pretax cost of debt?

$($Do not round intermediate transactions. Round your final answer to the closest $2$ decimals. Do not use the $\%$ sign. If your answer is $1\mathrm{.}234\%,$ then enter $1\mathrm{.}234)$