Laurel Inc. has debt outstanding with a coupon rate of $6\mathrm{.}1\%$ and a yield to maturity of $7\mathrm{.}1\%.$ Its tax rate is $38\%.$ What is Laurel's effective $($after$-$tax$)$ cost of debt? NOTE: Assume that the debt ha annual coupons and 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.$)$