Problem 14-22 Calculating the Cost of Debt [LO2] Ying Import has several bond issues outstanding, each making semiannual interest payments. The bonds are listed in the following table. Coupon Bond Rate Price Quote Maturity Face Value $ 1 6.9% 106.86 5 years 49,000,000 234 2 8.4 115.42 8 years 44,000,000 3 8.1 113.97 15.5 years 64,000,000 4 7.7 103.21 25 years 71,000,000 If the corporate tax rate is 24 percent, what is the aftertax cost of the company's debt? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Cost of debt %