at the present time, water and power company (wpc) has 10-year noncallable bonds with a face value of $1,000 that are outstanding. these bonds have a current market price of $1,495.56 per bond, carry a coupon rate of 10%, and distribute annual coupon payments. the company incurs a federal-plus-state tax rate of 25%. if wpc wants to issue new debt, what would be a reasonable estimate for its after-tax cost of debt (rounded to two decimal places)? (note: round your ytm rate to two decimal place.)