Viserion, Inc., is trying to determine its cost of debt. The firm has a debt issue outstanding with 13 years to maturity that is quoted at 104 percent of face value. The issue makes semiannual payments and has an embedded cost of 5 percent annually.

What is the companys pretax cost of debt? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

If the tax rate is 22 percent, what is the after-tax cost of debt? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

a. Pretax Cost of Debt

b. Aftertax Cost of Debt

~~~I tried using the financial calculator to do this and it keeps saying No Solution... Can we do it by hand?~~~