Pearce$$s Cricket Farm issued a $25-$year, $12\%$ semiannual bond $3$ years ago. The bond currently sells for $94\%$ of its face value. The company$$s tax rate is $38\%.$

Suppose the book value of the debt issue is $$40$ million. In addition, the company has a second debt issue on the market, a zero coupon bond with $14$ years left to maturity; the book value of this issue is $$45$ million and the bonds sell for $53\%$ of par. Assume the par value of the bond is $$1,000.$

What is the company$$s total book value of debt? $($Enter the answer in dollars. Omit $ sign in your response.$)$

Total book value $

$85,000,000$

What is the company$$s total market value of debt? $($Enter the answer in dollars. Omit $ sign in your response.$)$

Total market value $

$61,450,000$

What is your best estimate of the after$-$tax cost of debt? $($Do not round intermediate calculations. Enter your answer as a percentage rounded to $2$ decimal places.$)$

Cost of debt

$\%$