Use the following information to answer the next five questions: Consider the after-tax cash flows below from a project that is being considered by Despondus Corporation. Since the project is an extension of the firm's current business, it carries the same risk as the overall firm.

Year	0	1	2	3	4	5
Cash Flow	-$479,000	$103,000	$67,000	$107,000	$92,000	$102,000

Despondus Corporation's common stock is currently priced at $124.05, and there are 713,000,000 shares outstanding. A dividend of $4.16 per share was just paid, and dividends are expected to grow at a constant rate of 5.48% per year.

The company has 8,120,000 bonds outstanding that mature in 15 years and are currently priced at $943 per bond. The coupon rate is 11.35%, and the bonds make semiannual interest payments. The company's tax rate is 33%.

What is Despondus Corporation's after-tax cost of debt