Suppose Westerfield Co$.$ has the following financial information: Debt: $900,000$ bonds outstanding with a face value of $$1,000.$ The bonds currently trade at $85\%$ of par and have $12$ years to maturity. The coupon rate equals $7\%,$ and the bonds make semiannual interest payments. Preferred stock: $600,000$ shares of preferred stock outstanding; currently trading for $$108$ per share, paying a dividend of $$9$ annually. Common stock: $25,000,000$ shares of common stock outstanding; currently trading for $$185$ per share. Beta equals $1\mathrm{.}22.$ Market and firm information: The expected return on the market is $9\%,$ the risk$-$free rate is $5\%,$ and the tax rate is $21\%.$ Calculate the before$-$tax cost of debt and Calculate the after$-$tax cost of debt.