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 1 Coupon Rate 6.00 % 2 7.50 Price Quote 103.34 110.66 110.01 102.91 Maturity 5 years 8 years 15.5 years 25 years Face Value $ 45,000,000 40,000,000 50,000,000 65,000,000 3 4 7.20 6.80 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 1%