Cost of debt using the approximation formula For the following $1,000-par-value bond, assuming annual interest payment and a 27% 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.) Coupon interest rate Life 10 years Discount (-) or premium (+) $20 Underwriting fee $30 6% The after-tax cost of financing using the approximation formula is %. (Round to two decimal places.)