not 4.35

Micro Spinoffs Incorporated issued 10 -year debt a year ago at par value with a coupon rate of 8%, 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