Suppose a company will issue new $25-$year debt with a par value of $$1,000$ and a coupon rate of $9\%,$ paid annually. The issue price will be $$1,000.$ The tax rate is $35\%.$ If the flotation cost is $2\%$ of the issue proceeds, then what is the after$-$tax cost of debt? Disregard the tax shield from the amortization of flotation costs. Round your answer to two decimal places.

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What if the flotation costs were $11\%$ of the bond issue? Round your answer to two decimal places.

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