GHJ Inc.'s semi-annual bonds have a price of $1,030, an 9.80% coupon rate and mature in 10 years. The company's tax rate is 48%. What is its after-tax cost of debt when calculating its WACC?

a.

2.43%

b.

5.10%

c.

9.80%

d.

9.33%

e.

4.85%