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The cost of debt Gronseth Drywall Systems, Inc., is in discussions with its investment bankers regarding the issuance of new bonds. The investment banker has informed to form that d ont m e s parent coupon rates and sell at different prices. The firm must choose among severcom nc the bonds wil have a $1,000 par value and flotation costs will be $30 per bond. The company is taxed at 23%. Use the approximation formula to calculate the after tax cost of financing with the following alternative. (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet) Coupon rate 12% Time to maturity 15 years Premium or discount $300 The after tax cost of financing using the approximation formula is % (Round to two decimal places)