Oberon, Inc. has a $10 million (face value) 8-year bond issue selling for 96 percent of par that pays an annual coupon of 8.00 percent. What would be Oberon's before-tax component cost of debt? (Round your answer to 2 decimal places.) Cost of debt %

Deron, Inc. has a $10 million (face value) 8 year bond issue seliting for 96 percent of par that pays an annual coupon of 8.00 percent. What would be Oberon's before-tax component cost of debt? (Round your answer to 2 decimol places.)