Pearce's Cricket Farm issued a $30-$year, $8\%$ semiannual bond $3$ years ago. The bond currently sells for $95\%$ of its face value. The

company's tax rate is $35\%.$ Assume the par value of the bond is $$1,000.$

a$.$ What is the pre$-$tax cost of debt? $($Do not round intermediate calculations. Round the final answer to $3$ decimal places.$)$

Pre$-$tax cost of debt

$\%$

b$.$ What is the after$-$tax cost of debt? $($Do not round intermediate calculations. Round the final answer to $3$ decimal places.$)$

After$-$tax cost of debt

$\%$

c$.$ Which is more relevant, the pre$-$tax or the after$-$tax cost of debt?

After$-$tax cost of debt

Pre$-$tax cost of debt