Please explain! I don't understand the YTM calculations for each bond issue. I don't see where those numbers are coming from. NO EXCEL PLEASE! I need to be able to work this on a calculator so please show/explain calculations. TIA!

Ying Import has several bond issues outstanding, each making semiannual interest payments. The bonds are listed in the following table. If the corporate tax rate is 32 percent, what is the aftertax cost of Ying's debt? 4.24% 3.88% 3.84% 5.94% 4.04% To find the aftertax cost of equity for the company, we need to find the weighted average of the four debt issues. We will begin by calculating the market value of each debt issue, which is: MV1=1.02($16,000,000)MV1=$16,320,000 MV2=1.09($40,000,000)MV2=$43,600,000 MV3=1.01($40,000,000)MV3=$40,400,000 MV4=1.16($58,000,000)MV4=$67,280,000 So, the total market value of the company's debt is: MVD=$16,320,000+43,600,000+40,400,000+67,280,000MVD=$167,600,000 The weight of each debt issue is: w1=$16,320,000/$167,600,000w1=0.0974,or9.74%w2=$43,600,000/$167,600,000w2=0.2601,or26.01%w3=$40,400,000/$167,600,000 w3=0.2411,or24.11% w4=$67,280,000/$167,600,000w4=0.4014,or40.14% Next, we need to find the YTM for each bond issue. The YTM for each issue is: P1=$1,020=$32(PVIFAR%,8)+$1,000(PVIFR%,8)R1=2.867% YTM1=2.8667%2YTM1=5.73%P2=$1,090=$35(PVIFAR%,18)+$1,000(PVIFR%,18)R2=2.8537% YTM2=2.8537%2YTM2=5.71%P3=$1.010=$30(PVIFAR%,44)+$1.000(PVIFR%,44)R3=3.009% YTM3YTM3=3.009%2=6.02% P4=$1,160=$36(PVIFAR%,70)+$1,000(PVIFR%,70)R4=3.045%YTM4=3.045%2YTM4=6.09% The weighted average YTM of the company's debt is thus: YTM=0.0974(0.0573)+0.2601(0.0571)+0.2411(0.0602)+0.4014(0.0609)YTM=0.059,or5.94% And the aftertax cost of debt is: RD=0.059(10.32)RD=0.0404,or4.04%