To help finance a major expansion, Castro Chemical Company sold a noncallable bond several years ago that now has 20 years to maturity. This bond has a 9.25% annual coupon rate, paid semiannually, sells at a price of $1,020, and has a par value of $1,000. Flotation cost is $20 and the firm's tax rate is 40%, what is the after tax cost of debt?