Cost of debt using both methods (YTM and the approximation formula)Currently, Warren Industries can sell 20-year, $1,000-par-value bonds paying annual interest at a 12% coupon rate. Because current market rates for similar bonds are just under 12%, Warren can sell its bonds for $960 each; Warren will incur flotation costs of $20 per bond. The firm is in the 29% tax bracket. a.Find the net proceeds from the sale of the bond, Nd. b.Calculate the bond's yield to maturity (YTM) to estimate the before-tax and after-tax costs of debt. c.Use the approximation formula to estimate the before-tax and after-tax costs of debt.