Cost of debt using both methods (YTM and the approximation formula) Currently, Warren industries can sell 15-year, $1000-par-value bonds paying annual interest at a 13% coupon rate. As aresult of current interest rates, the bonds can be sold for $1,080 each before incurring flotation costs of $30 per bond. The firm is in the 30% tax bracket.

a. The net proceeds from the sale of the bond, Nd, is $. (Round to the nearest dollar)