Shanken Corp. issued a 25 -year, 12.0 percent semiannual bond 3 years ago. The bond currently sells for 94 percent of its face value. The company's tax rate is 35 percent. a. What is the pre-tax cost of debt? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Cost of debt % b. What is the after-tax cost of debt? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Cost of debt % c. Which is more relevant, the pre-tax or the after-tax cost of debt? After-tax cost of debt Pre-tax cost of debt