GM has bonds outstanding that mature in 20 years, have a 7 percent coupon, and pay interest annually. These bonds have a face value of $1,000 and a current market price of $1,100. What is the company's aftertax cost of debt if its tax rate is 32 percent? Select the choice that is closest to your answer. 4.16 percent 4.87 percent 3.24 percent O 3.58 percent