Admiral Thrawn Inc. plans to issue a $1,000 par value, 10-year noncallable bonds with a 3% annual coupon.

Admiral Thrawn Inc. plans to issue a $1,000 par value, 10-year noncallable bonds with a 3% annual coupon. The company's current tax rate is 47%, but Congress is considering a change in the corporate tax rate to 29%. By how much would the component cost of debt used to calculate the WACC change (in percent) if the new tax rate was adopted?