(Topic: Cost of Debt) Olympic Sports has two issues of debt outstanding. One is a 1% coupon bond with a face value of $13 million, a maturity of 11 years, and a yield to maturity of 8%. The coupons are paid annually. The other bond issue will mature in the next year, with coupons also paid annually, and a coupon rate of 2%. The face value of the issue is $93 million, and the issue sells for 96% of par value. What is the before-tax cost of debt for Olympic? (Hint: Company cost of debt is the weighted average of the cost of debt for all its debt outstanding) (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)