Rover's Dog Care has outstanding debt currently selling for

$820

per bond. It matures in

13

years, pays interest semiannually, and has a coupon rate of

9%.

If par is

$1,000

and the tax rate is

45%,

what is the after-tax cost of debt?

The after-tax cost of debt for Rover's Dog Care is

nothing%.

(Round to two decimal places.)