Cost of debt using the approximation formula For the following $1,000-par-value bond, assuming annual interest payment and a 29% 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 15 years Underwriting fee $20 Discount (-) or premium (+) $60 Coupon Interest rate 8% The attor-tax cost of financing using the approximation formula is % (Round to two decimal place)