Waller, Inc., is trying to determine its cost of debt. The firm has a debt issue outstanding with 11 years to maturity that is quoted at 100 percent of face value. The issue makes semiannual payments and has an embedded cost of 9 percent annually. The tax rate is 36 percent Enter your answers as a percent rounded to 2 decimal places, e.g., 32.16, not 0.3216.

The company's pretax cost of debt is