Jiminy's Cricket Farm issued a 30-year, 6 percent, semiannual bond 8 years ago. The bond currently sells for 97 percent of its face value. What is the after-tax cost of debt if the company's tax rate is 32 percent?

Answer

		4.00 percent
		4.25 percent
		4.70 percent
		5.75 percent
		6.25 percent