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 8.50 % 106.0 5 years $ 19,000,000
2 6.50 94.4 8 years 39,000,000
3 8.20 104.8 15.5 years 44,000,000
4 8.70 94.6 25 years 59,000,000
If the corporate tax rate is 34 percent, what is the aftertax cost of the company’s debt? (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 %