Suppose Apple wishes to raise $1 billion and is deciding between a dollar bond and a Eurobond issue. The U.S. bond can be issued at a 7-year maturity with a coupon of 4.50%, paid semi-annually. The underwriting, registration, and other fees total .75% of the issue size. The 5-year Eurobond carries a lower coupon of 4.30%, but the total costs of issuing this bond runs to 1.20% of the issue size. What are all-in costs of each bond for Apple? Using an annual discount rate of 4.50%, what is the net present value cost difference between the two alternatives?