Problem 1: Cost of Debt. Joy, Inc. is planning on issuing new bonds to raise capital. Joy's investment banking firm indicates that different maturities will carry different coupon rates and thus sell at different prices. Each bond issue, however, will have a $1000 par value, with flotation costs of $50 per bond. Joy's tax rate is 21%. a. Calculate Joy's current required rate of return of their longterm debt for each of the following alternatives. b. Assume that Joy, Inc. plans on issuing new long-term debt to sell at par. Calculate the before-tax and after-tax cost of debt for each alternative