What is the after-tax cost of debt for these bonds if, Financial Management

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What is the after-tax cost of debt for these bonds if

Bowen's Casinos recently sold an issue of 15-year maturity bonds. The bonds were sold at $955 each. After issuance costs, Bowen received $948 each. The bonds have a $1000 maturity value and a 7 percent coupon rate. The coupon is paid annually. What is the after-tax cost of debt for these bonds if Bowen's effective tax rate is 40 percent? A. 4.25% B. 4.55% C. 5.25% D. 5.55%

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