LL Incorporated's currently outstanding 7 percent coupon bonds have a yield to maturity of 11 percent. LL believes it could sell new bonds that would...

LL Incorporated’s currently outstanding 7 percent coupon bonds have a yield to maturity of 11 percent. LL believes it could sell new bonds that would provide a similar yield to maturity. If its marginal tax rate is 31 percent, what is LL’s after-tax cost of debt? Express your answer in percentage (without the % sign) and round it to two decimal places.