rounded to two decimal places). At the present time, Andalusian Limited (AL) has 20-year rencallable bonds with a face value of $1,000 that are outstanding. These bonds have a current market price of 51,181.96 per bond, carry a coupon rate of 13%, and distribute annual coupon payments. The company incurs a federal plus state tax rate of 25%. If AL wants to issue new debt, what would be a reasonable estimate for its after-tax cost of debt (rounded to two decimal places) (Note: Round your YTM rate to two decimal place.) 9.67% 8.06% 9.2790 7.25%