Yellowstone Adventures has a bond issue outstanding that pays a 6.5 percent coupon and matures in 14 years. The bonds have a par value of $1,000 and a market price of $1075. Interest is paid annually. What is the firm's after-tax cost of debt if the firm has a 22% tax rate?

Enter your answer to 2 decimals and do not include the % sign. For example, if the answer is 7.25% enter 7.25