Laurel, Inc., has debt outstanding with a coupon rate of 6.0% and a yield to maturity of 7.0%. Its tax rate is 35%. What is​ Laurel's effective​ (after-tax) cost of​ debt? ​ NOTE: Assume that the debt has annual coupons.  Note: Assume that the firm will always be able to utilize its full interest tax shield.   The effective​ after-tax cost of debt is ___%.​(Round to four decimal​ places.)

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