J\&R Renovation, Inc, is trying to determine its cost of debt. The firm has a debt issue outstanding with 20 years to maturity that is quoted at 109 percent of face value. The issue makes semiannual payments and has a coupon rate of 7 percent annually. a. What is the company's pretax cost of debt? (Do not round intermediate colculations and enter your answer as a percent rounded to 2 decimal ploces, e.g., 32.16.) b. If the tax rate is 21 percent, what is the aftertax cost of debt? (Do not round intermediate calculations and enter your answer as o percent rounded to 2 decimal places, e.g., 32.16.)