To help finance a major expansion, Delano Development Company sold a noncallable bond several years ago that now has $16$ years to maturity. This bond has an $11\%$ annual coupon, paid semiannually, it sells at a price of $$1,080,$ and it has a par value of $$1,000.$ If Delano's tax rate is $35\%,$ what component cost of debt should be used in the WACC calculation?