Use the following data for the next 5 questions: Debt 41,000 bonds with a 5.0% coupon rate, payable annually, 15 years to maturity, selling at $1,050 per bond. Common Stock Preferred Stock Market Tax Rate 698,000 shares of common stock outstanding. The stock sells for a price of $68 per share and has a beta of 0.64 . 271,000 preferred shares outstanding, currently trading at $102.35 per share; with an annual dividend payment of $6.47, The market risk premium is 20% and the risk free rate is 6% What is the before tax cost of debt (Rd) ? (Answer as a percentage and round to 2 decimals) a. 2.49% b. 1.21% c. 7.44% d. 4.53% e. 8.02%