I need help with questions 21 and 25

Question 21 (4 points) Costly Corporation plans a new issue of bonds with a par value of $1000, a maturity of 39 years, and an annual coupon rate of 15.0%. Flotation costs associated with a new debt issue would equal 7.0% of the market value of the bonds. Currently, the appropriate discount rate for bonds of firms similar to Costly is 19.0%. The firm's marginal tax rate is 40%. What will the firm's true cost of debt be for this new bond issue? 22.94% 20.43% 16.14% 9.68% O 12.26% Question 25 (4 points) Marginal Incorporated (MI) has determined that its after-tax cost of debt is 4.0% for the first $48 million in bonds it issues, and 8.0% for any bonds issued above $48 million. Its cost of preferred stock is 12.0%. Its cost of internal equity is 17.0%, and its cost of external equity is 20.0%. Currently, the firm's capital structure has $285 million of debt, $65 million of preferred stock, and $150 million of common equity. The firm's marginal tax rate is 35%. The firm's managers have determined that the firm should have $63 million available from retained earnings for investment purposes next period. What is the firm's marginal cost of capital at a total investment level of $50 million? 10.52% 12.12% 11.22% 09.84% 8.94% 9.62% 08.14% 09.04%