Cost of debt using both methods (YTM and the approximation formula) Currently, Warren Industries can sell 10-year, $1,000-par-value bonds paying annual interest at a 11% coupon rate. Because current market rates for similar bonds are just under 11%, Warren can sell its bonds for $1,050 each; Warren will incur flotation costs of $35 per bond. The firm is in the 24% 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. a. The net proceeds from the sale of the bond, No, 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 LJ96. (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.)