8. The Excel Corp. is considering issuing $100 million of twenty-year bonds paying 5% per year. This is competitive with comparable firms, and it is expected that the bonds will be issued at par. The tax rate is 40%. a. Using the before-tax cash flows and the before-tax interest rate, compute the PV of the debt. b. Using the after-tax cash flows and the after-tax interest rate, compute the PV of the debt. c. Assume that the after-tax cost of capital is .10. Compute the present value of the debt to the firm