Consider the case of Cold Duck Brewing Company: Cold Duck Brewing Company is considering issuing a new twenty-five-year debt issue that would pay an annual coupon payment of $90. Each bond in the issue would carry a $1,000 par value and would be expected to be sold for a market price equal to its par value. Cold Duck's CFO has pointed out that the firm will incur a flotation cost of 2% when initially issuing the bond issue. Remember, these flotation costs will be subtracted from the proceeds the firm will receive after issuing its new bonds. The firm's marginal federal-plus-state tax rate is 35%. To see the effect of flotation costs on Cold Duck's after-tax cost of debt, calculate the before-tax and after-tax costs of the firm's debt issue with and without its flotation costs, and insert the correct costs into the boxes. (Note: Round your answer to two decimal places.) Before-tax cost of debt without flotation cost: After-tax cost of debt without flotation cost: Before-tax cost of debt with flotation cost: After-tax cost of debt with flotation cost