Ying Import has several bond issues outstanding, each making semiannual interest payments. The bonds are listed in the table below.
Bond
Coupon Rate
Price Quote
Maturity
Face Value
1
8.70%
105.2
7 years
$ 22,000,000
2
7.00
95.2
18 years
42,000,000
3
8.40
104.0
17.5 years
47,000,000
4
8.90
105.9
27 years
62,000,000
If the corporate tax rate is 22 percent, what is the aftertax cost of the company's debt?
Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.
Aftertax cost of debt