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. Coupon interest rate Life 5 years Discount (-) or premium (+) -$20 Underwriting fee $30 rs 7% The after-tax cost of financing using the approximation formula is %. (Round to two decimal places.)