Several years ago the Jakob Company sold a $$1,000$ par value, non$-$callable bond that now has $20$ years to maturity and a $7\mathrm{.}00\%$ annual coupon that is paid semiannually. The bond currently sells for $$925,$ and the company's tax rate is $40\%.$ What is the after$-$tax cost of debt for use in the WACC calculation?