A firm will sell 12 -year, PHP 1,000 par value, 20% p.a. coupon interest bonds for PHP 925 . Flotation costs are 7% of the bond's par value. The tax rate is 35%. Determine the after-tax cost of debt. 13.93% 14.79% 14.86% 22.87% A firm will sell 12 -year, PHP 1,000 par value, 20% p.a. coupon interest bonds for PHP 925 . Flotation costs are 7% of the bond's par value. The tax rate is 35%. Determine the after-tax cost of debt. 13.93% 14.79% 14.86% 22.87%