Portsmouth Provisions Inc. (PPI) currently has a bond issue outstanding with the following features: $1000 face value, 8 years remaining until maturity, 7% coupon rate, and coupons paid semiannually. The bonds are currently trading at a price of $941 and the next coupon payment is due six months from now. PPI's tax rate is 35%. What is PP's effective cost of debt? Enterr your answer in units of percent, round it to two decimal places, and omit percentage signs (i.e., enter 20.467% as 20.47)