Yovo Company issued a 23-year non-callable bond, 8 years ago. It pays semi-annual coupons rate of 14% and has a current market price of $1,444.84 now. If the firms tax rate is 25%, what is the component cost of debt that is used in the WACC calculation? Please, showing work to find solution would be appreciated.

a. 6.49%

b. 6.10%

c. 4.33%

d. 6.88%

e. 3.25%