If your firm issues a $10-$year semiannual payment bond and you are trying to calculate the associated after$-$tax cost of debt, you would have to calculate the

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capital gains yield, which you would convert to an effective yield and then multiply the result by $(1$ minus the average tax rate$).$

promised yield to maturity, which you would convert to an effective yield and then multiply the result by $(1$ minus the average tax rate$).$

capital gains yield, which you would convert to an semiannual rate and then multiply the result by $(1$ minus the marginal tax rate$).$

promised yield to maturity, which you would convert to an effective yield and then multiply the result by $(1$ minus the marginal tax rate$).$