Waller, 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 $104\mathrm{.}5$ percent of face value. The issue makes semiannual payments and has a coupon rate of $9$ percent. The tax rate is $38$ percent. Enter your answers as a percent rounded to $2$ decimal places, e$.$g$.,$ enter $32\mathrm{.}16\%$ as $32\mathrm{.}16,$ not $0\mathrm{.}3216.$ Hint. Solve for the YTM and adjust for taxes.

The after$-$tax cost of debt is $...........................\%$

Hint: Use a financial calculator to solve for the yield to maturity of the bonds. Remember the negative sign on the price. Remember to divide$/$multiply by $2$ when entering the PMT and N$.$ Compute I and multiply by $2$ to get the yield to maturity $($ann$).$ Then multiply by $1-$taxrate to get the after$-$tax cost.