Use the following data for the next 5 questions: Debt 38,000 bonds with a 5.0% coupon rate, payable annually. 15 years to maturity, selling at $1,050 per bond. Common Stock 746,000 shares of common stock outstanding. The stock sells for a price of $44 per share and has a beta of 1.65. Preferred Stock 117,000 preferred shares outstanding, currently trading at $84.61 per share; with an annual dividend payment of $8.39 Market The market risk premium is 24% and the risk free rate is 5% Market The market risk premium is 24% and the risk free rate is 5% Tax Rate 34% What is the after tax cost of debt (R.)? (Answer as a percentage and round to 2 dec Select one: O a. 6.70 % b. -0.06 % O c. 0.72 % d. 2.99 %