Question 9 4.5 pts The outstanding bonds of Chelsea Fashions were issued 7 years ago, with a face value of $1,000. They are currently priced at $989. These bonds mature in 10 years, have a 6 percent coupon and pay interest annually. The firm's tax rate is 33 percent, and Ten- year Treasury bonds are currently yielding 3.5 percent. What is the firm's pre-tax cost of debt? (round answer to whole number with two decimal points: i.e., use 1.23 percent instead of 0.0123)