Business Finance Homework Help

Black Hill Inc. sells $100 million worth of 13-year to maturity 11.40% annual coupon bonds. The net proceeds (proceeds after flotation costs) are $979 for each $1,000 bond. What is the before-tax cost of capital for this debt financing?

Round the answer to two decimal places in percentage form. 

I came up with the answer 11.72%, just want to make sure I am on the right track.