Problem 14-24 Calculating the Cost of Debt (LO3) Cote Import has several bond issues outstanding, each making semiannual interest payments. The bonds are listed in the following table. Bond Coupon Rate Price Quote 1 7.00 % 103.38 2 8.50 110.70 tes Maturity 5 years 8 years Face Value $ 45,000,000 40,000,000 3 8.20 4 7.80 110.05 15.5 years 102.95 25 years 50,000,000 65,000,000 If the corporate tax rate is 34%, what is the after-tax cost of the company's debt? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Cost of debt %