Micro Spinoffs Incorporated issued 20-year debt a year ago at par value with a coupon rate of 7%, paid annually. Today, the debt is selling at $1,160. 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 debt %

Micro Spinoffs Incorporated issued 20 -year debt a year ago at par value with a coupon rate of 7%, paid annually, Today, the debt is seling at $1,160. 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