Global Products plans to issue long$-$term bonds to raise funds to finance its growth. The company has existing bonds outstanding that are similar to the new bonds it expects to issue. The existing bonds have a face value equal to $$1,000,$ mature in $10$ years, pay $$60$ annual interest, and are currently selling for $$1,077$ each. Global's marginal tax rate is $40\%.$

a$.$ What should be the coupon rate on the new bond issue?

b$.$ What is Global's after$-$tax cost of debt?