The 20-year Treasury rate is 3.65 percent, and a firms credit rating is BB. Suppose management of the firm decides to raise $20 million by selling 20-year bonds. Management determines that since it has plenty of experience, it will not need to hire an investment banker. At present, 20-year BB bonds are selling for 150 basis points above the 20-year Treasury rate, and it is forecast that interest rates will not stay this low for long. What is the cost of borrowing? (Round percentage to 2 decimal places, e.g 52.32%.)