Income for Caldwell Instruments is sufficiently high that if it increases its income by adopting a new project, then its marginal corporate income tax rate is 35%. Managers at Caldwell estimate that if the company issues bonds to help finance a new project, the yield required by investors will be 14.46% What is the after-tax cost of debt for Caldwell? Do not round at intermediate steps in your calculation, Express your answer in percent. Round to two decimal places. Do not type the % symbol