In order to finance a major project, Ryder Chemical sold a bond several years ago that now has 20 years to maturity. This bond has a 8% annual coupon, paid semiannually, sells at a price of $1,075, and has a par value of $1,000. If the firm's tax rate is 21%, what is the after-tax cost of debt for use in the WACC calculation? Please enter your response as the percentage cost up to two decimals. For example, if your answer is 2.45%, please enter 2.45