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Quantitative Problem 5 years ago, Barton Industries issued 25 year noncallable, semiannual bonds with a $1,000 face value and 6 coupon, semiannual payment ($30 payment

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Quantitative Problem 5 years ago, Barton Industries issued 25 year noncallable, semiannual bonds with a $1,000 face value and 6 coupon, semiannual payment ($30 payment every months). The bonds currently sell for $22.07. If the firm's marginal tax rate is 25%, what is the firm's ofter-tax cost of debt? Do not round intermediate calculations. Round your answer to two decimal places

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