M Corp, is trying to determine its cost of debt. The firm has a debt issue outstanding with 25 years to maturity that is quoted at 103 percent of face value. The issue makes semiannual payments and has an embedded cost of 6 percent annually. If the tax rate is 21 percent, what is the after-tax cost of debt? A 6.96% B) 5.76% 4.56% D) 6% 3.86% A tr c. 0 E