Great Seneca Inc. sells $100 million worth of 23-year to maturity 6.69% annual coupon bonds. The net proceeds
(proceeds after flotation costs) are $980 for each $1,000 bond. The firm's marginal tax rate is 40%. What is the after-tax cost of capital for this debt financing?
Round the answer to two decimal places in percentage form. (Write the percentage sign in the "units" box)