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TradeUp Ltd current sources of capital include $1,000 par value bonds that pay a coupon rate of 8.9%. These bonds will mature in 5 years'

TradeUp Ltd current sources of capital include $1,000 par value bonds that pay a coupon rate of 8.9%. These bonds will mature in 5 years' time and the current market price for the bonds is $1071. Using the approximate yield to maturity formula, calculate the before tax cost of bonds for TradeUp Ltd.

Please type your answer to 3 decimal places. For example, 9.8% should be shown as 0.098.

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