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Micro Spinoffs Incorporated issued 10-year debt a year ago at par value with a coupon rate of 6%, paid annually. Today, the debt is selling

Micro Spinoffs Incorporated issued 10-year debt a year ago at par value with a coupon rate of 6%, paid annually. Today, the debt is selling at $1,080. If the firms tax bracket is 21%, what is its percentage cost of debt? Assume a face value of $1,000.

Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.

Cost of Debt = ?

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