Cost of debt using the approximation formula For the following $1,000-par-value bond, assuming annual interest payment and a 23% tax rate, calculate the after-tax cost to maturity using the approximation formula. (Click on the icon here in order to copy the contents of the data table below into a spreadsheet.) Life Underwriting fee $15 Discount (-) or premium (+) - $50 Coupon interest rate 9% 5 years ... The after-tax cost of financing using the approximation formula is %. (Round to two decimal places.)