The Holmes Company's currently outstanding bonds have a 10% coupon and a 14% yield to maturity. Holmes believes it could issue new bonds at par that would provide a similar yield to maturity If its marginal tax rate is 25%, what is Holmes' after-tax cost of debt? Round your answer to two decimal places 9 Torch Industries can issue perpetual preferred stock at a price of $70.50 a share. The stock would pay a constant annual dividend of $6.50 a share. What is the company's cost of preferred stock, ro? Round your answer to two decimal places