Currently, Warren Industries can sell 10 -year, $1,000-par-value bonds paying annual interest at a 11% coupon rate. Because current market rates for similar bonds are just under 11%, Warren can sell its bonds for $960 each; Warren will incur flotation costs of $25 per bond. The firm is in the 26% tax bracket. a. Find the net proceeds from the sale of the bond, N d
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. b. Calculate the before-tax and after-tax costs of debt. a. The net proceeds from the sale of the bond, N d
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, is $935. (Round to the nearest dollar.) b. The before-tax cost of debt is \%. (Round to two decimal places.)