Information for $7-15.$ Acme, Inc., asks you to evaluate an investment project. The firm is in the $22\%$ tax bracket and raises capital according to the following mix: $40\%$ debt, $15\%$ preferred, and $45\%$ common. What is the before$-$tax cost of debt if it issues $30-$year semi$-$annual coupon bonds at face value, the coupon rate is $6\mathrm{.}5\%$ and the flotation cost is $$35$ per bond?