Laurel, Inc., has debt outstanding with a coupon rate of $6\mathrm{.}00\%$ and a yield to maturity of $7\mathrm{.}00\%.$ Its tax rate is $35\%.$ What is Laurel's

effective $($after$-$tax$)$ cost of debt? Note: Assume that the debt has annual coupons and that the firm will always be able to utilize its full interest

tax shield.

Laurel's effective after$-$tax cost of debt is

$\%.($Round to two decimal places.$)$