Sunrise, Incorporated, is trying to determine its cost of debt. The firm has a debt issue outstanding with 12 years to maturity that is quoted at 103 percent of face value. The issue makes semiannual payments and has an embedded cost of 4 percent annually. If the tax rate is 21 percent, what is the aftertax cost of debt? 2.91% 2.81% 2.11% 2.51% 2.31%