The cost of debt Gronseth Drywall Systems, Inc, different coupon rates and sell at different prices. The firm must choose among several alternatives. In each case, the bonds will have a $1,000 par value and flotation costs will be $30 per bond. The company is taxed at 22%. Use the approximation formula to calculate the after-lax cost of financing with the following alternative. (Click on the icon located on the top-right comer of the data table below in order to copy its contents into a spreadsheet.) s in discussions with its investment bankers regarding the issuance of new bonds. The investment banker has informed the firm that different maturities will carry Time to maturity Premium o Coupon rate 8% discount S210 16 vears (Round to two decimal places.) The after-tax cost of financing using the approximation formula is