Naller, Inc., is trying to determine its cost of debt. The firm has a debt issue outstanding with 15 years to maturity that is quoted at 99 percent of face value. The issue makes semiannual payments and has an embedded cost of 8 percent annually. Note the embedded cost refers to the coupon rate. Required: What is the company's pretax cost of debt as an APR? (Do not round your (a)intermediate calculations. Note: the pre-tax cost of debt is the cost of debt before the tax is taken out of it). (b) If the tax rate is 37 percent, what is the after-tax cost of debt as an APR? (Do not round your intermediate calculations.)