Micro Spinoffs Incorporated issued $20-$year debt a year ago at par value with a coupon rate of $8\%,$ paid annually. Today, the debt is selling at $$1,100.$ If the firm's tax bracket is $21\%,$ what is its percentage cost of debt? Assume a face value of $$1,000.$

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

Cost of debtM