GHI Company's current share price is $17.65 and it is expected to pay a $0.7 dividend per share next year. After that, the firm's dividends are expected to grow at a rate of 5.8% per year. GHI company's cost of equity is therefore 9.77%. GHI Company's cost of preferred stock is 6.2%.GHI Company has existing debt issued three years ago with a coupon rate of 6%. The firm just issued new debt at par with a coupon rate of 6%. What is GHI Company's pre-tax cost of debt?