Mullineaux Corporation has a target capital structure of 42 percent common stock and 5 percent preferred stock, with the remaining percent in debt. Its cost of equity is 11 percent, the cost of preferred stock is 3 percent, and the pretax cost of debt is 5 percent. The relevant tax rate is 38 percent. What is the aftertax cost of debt? (Enter your answer as a percentage, omit the %" sign in your response, and round your answer to 2 decimal places. For example, 0.12345 or 12.345% should be entered as 12.35.)