To help finance a major expansion, Castro Chemical Company sold a noncallable bond several years ago that now has 10 years to maturity. This bond has a 6.25% annual coupon, paid semiannually, sells at a price of $935, and has a par value of $1,000. If the firm's tax rate is 35%, what is the component cost of debt for use in the WACC calculation?Do not round your intermediate calculations.