You are planning a new project that is to be entirely financed by issuing new debt. The project will require $19.65 million in financing and you estimate its NPV to be $15.189 million. The issue costs for the debt will be 3.3% of face value. Taking into account the costs of external financing, what is the NPV of the project? The new NPV will be $ (Round to the nearest dollar.) Laurel, Inc., has debt outstanding with a coupon rate of 5.9% and a yield to maturity of 6.8%. Its tax rate is 35%. What is Laurel's effective (after-tax) cost of debt? NOTE: Assume that the debt has annual coupons. Note: Assume that the firm will always be able to utilize its full interest tax shield. The effective after-tax cost of debt is \%. (Round to four decimal places.)