Question Help (Cost of debt) Carraway Seed Company is issuing a $1,000 par value bond that pays 9 percent annual interest and matures in 8 years, Investors are willing to pay $965 for the bond. Flotation costs will be 15 percent of market value. The company is in a 35 percent tax bracket What will be the firm's after-tax cost of debt on the bond? The firm's after-tax cost of debt on the bond will be [% (Round to two decimal places.)