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 15% coupon rate. Because current market rates for similar bonds are just under 15%, Warren can sell its bonds for $950 each; Warren will incur flotation costs of $30 per bond. The firm is in the 24% tax bracket a. Find the net proceeds from the sale of the bond, No 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. a. The net proceeds from the sale of the bond, Ng, is $ . (Round to the nearest dollar) b. Using the bond's YTM, the before-tax cost of debt is %. (Round to two decimal places.) Using the bond's YTM, the after-tax cost of debt is %. (Round to two decimal places.) c. Using the approximation formula, the before-tax cost of debt is %. (Round to two decimal places.) Using the approximation formula, the after-tax cost of debt is %. (Round to two decimal places.)