Jiminys Cricket Farm issued a bond with 20 years to maturity and a semiannual coupon rate of 7 percent 4 years ago. The bond currently sells for 104 percent of its face value. The companys tax rate is 23 percent. The book value of the debt issue is $55 million. In addition, the company has a second debt issue on the market, a zero coupon bond with 10 years left to maturity; the book value of this issue is $30 million, and the bonds sell for 58 percent of par.

What is your best estimate of the aftertax cost of debt? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)