Several years ago the Jakob Company sold a $1,000 par value, noncallable bond that now has 8 years to maturity and a 7.80% annual coupon that is paid semiannually. The bond currently sells for $840, and the companys tax rate is 28%. What is the component cost of debt for use in the WACC calculation? Use Nominal rates. Do not round your intermediate calculations. State in percentage terms without the percent sign symbol and round to the second decimal place.