Temple$$Midland$,$Inc$.,$

is issuing a

$$$$1,000$

par value bond that pays

$8\mathrm{.}48$

percent annual interest and matures in

$15$

years. Investors are willing to pay

$$$$946$

for the$$bond$,$ and

Temple faces a tax rate of $29$ percent. What is Temple$\text{'}$s

$$after$-$tax cost of debt on the bond when interest is paid$$semiannually$?$