Pearce's Cricket Farm issued a 30-year, 8% semiannual bond 3 years ago. The bond currently sells for 96% of its face value. The company's tax rate is 20%. 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 10.567 % 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 8.454 % 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