Pure Michigan issued a bond with the following features:

Maturity: $15$ years from today

Coupon rate $7\mathrm{.}0\%$ per annum, but paid semi$-$annually

Par Value: $$1,000$

Each bond was sold today for $$913\mathrm{.}54$ but had to pay $4\mathrm{.}0\%$ flotation expenses.

A total of $328$ bonds were sold.

What is the Yield$-$to$-$Maturity $($YTM$)$ or before$-$tax Cost of DEBT? $[$Make sure to annualize the rate$]$ Use a Financial Calculator.