The coupon rate on a debt issue is $8\%.$ If the yield to maturity on the debt is $8\%,$ what is the after$-$tax cost of debt in the weighted average cost of capital if the firm's tax rate is $37\%?$

Note: Round your answer to $2$ decimal Nlaces.

Multiple Choice

$3\mathrm{.}69\%$

$5\mathrm{.}04\%$

$7\mathrm{.}19\%$

$6\mathrm{.}39\%$