Mojo Mining has a bond outstanding that sells for $1,067 and matures in 23 years. The bond pays semiannual coupons and has a coupon rate of 6.26 percent. The par value is $1,000. If the company's tax rate is 30%, what is the after-tax cost of debt for Mojo Mining?
a)Approximately 5.6%
b)Approximately 6.4%
c)Approximately 4.9%
d)Approximately 7.1%