Laurel, Inc., has debt outstanding with a coupon rate of 6.1% and a yield to maturity of 7.1%. Its tax rate is 38% What is Laurel's effective after-tax) cost of debt? NOTE: Assume that the debt has annual coupons Note: Assume that the firm will always be able to utilize its full interest tax shield The effective after-tax cost of debt is %. (Round to four decimal places.)