Q1. 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 21% tax bracket. Required: 1. Find the net proceeds from sale of the bond, Nd