Cost of debt using both methods (YTM and the approximation formula)Currently, Warren Industries can sell 10-year, $1000-par-value bonds paying annual interest at a 11% coupon rate. Because current market rates for similar bonds are just under 11%, Warren can sell its bonds for $980 each; Warren will incur flotation costs of $25 per bond. The firm is in the 23% tax bracket. a.Find the net proceeds from the sale of the bond Nd, . b.Calculate the bond's yield c. Use the approximation formula to estimate the before-tax and after-tax costs of debt.