Great Seneca Inc. sells $100 million worth of 25-year to maturity 6.93% annual coupon bonds. The net proceeds (proceeds after flotation costs) are $975 for each $1,000 bond. The firm's marginal tax rate is 35%. What is the after-tax cost of capital for this debt financing?

Round the answer to two decimal places in percentage form. (Write the percentage sign in the "units" box)