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L Incorporated's currently outstanding 9% coupon bonds have a yield to maturity of 6.2%. LL believes it could issue new bonds at par that would

L Incorporated's currently outstanding 9% coupon bonds have a yield to maturity of 6.2%. LL believes it could issue new bonds at par that would provide a similar yield to maturity. If its marginal tax rate is 25%, what is LL's after-tax cost of debt? Round your answer to two decimal places.

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