Q$1.$ Cost of Debt using both methods of approximation and calculation with cash flows.

Currently, Coast Gulf Club can sell $15$year, $$1,000$par value bonds paying annual interest at a $12\%$ coupon rate. As a result of current interest rates, the bonds can be sold for $$1,010$ each; flotation costs of $$30$ per bond will be incurred in this process. The firm is in the $40\%$ tax bracket.

Required:

$1.$ Find the net proceeds from sale of the bond, Nd$.$

$2.$ Show the cash flows from the firm$$s point of view over the maturity of the bond.

$3.$ Calculate the before tax and after tax costs of debt.

$4.$ Use the approximation formula to estimate the before tax and after tax costs of debt.

$5.$ Compare and contrast the costs of debt calculated in parts $3$ and $4.$ Which approach do you prefer? Why? please answer asap with EXCEL, will rate!