(2) Suppose Harry Davis issues 30- year debt with a par value of $ 1,000 and a coupon rate of 10%, paid annually. If flotation costs are 2%, what is the after- tax cost of debt for the new bond issue? We first calculate the YTM with the flotation cost. The price now is 1,000 X .98 = 980. We can write 980 = 100 X PVIFA (30, rate) + 1,000 X PVIF (30,rate) The YTM comes to 10.22% After tax cost = 10.22% X (1-0.4) = 6.13% **I don't understand how exactly to get the YTM 10.22% on Excel?**