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Problem 11-10 Approximate yield to maturity and cost of debt (LO11-3] Bull Container Corporation has a $1000 par value bond outstanding with 30 years to maturity. The bond carries an annual interest payment of 50s and is cuently selling for $880 per bond Russel Corp. isina 40 percent tax bracket. The firm wishes to know what the test out of a new bond issue is kely to be. The yield to maturity on the new sewe be the same as the yield to maturity on Compute the yield to maturity on the old sue and use this as the yield for the new issue (Do not round Intermediate calculations nout your percent rounded to 2 decimal places 2. Make the appropriate tratantment to determine the shortan cost of debt (Do not round intermediate calculations, Inpun your answer as percent rounded to 2 decimal places) Prev