Question: Black Hill Inc. sells $100 million worth of 13-year to maturity 11.40% annual coupon bonds. The net proceeds (proceeds after flotation costs) are $979 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".