Problem $16-18$ The Wagner Corporation has a $$24$ million bond obligation outstanding, which it is considering refunding. Though the bonds were Initially Issued at $11$ percent, the interest rates on similar Issues have decilined to $8\mathrm{.}6$ percent. The bonds were originally Issued for $25$ years and have $21$ years remaining. The new Issue would be for $21$ years. There is a $8$ percent call premlum on the old issue. The underwriting cost on the new $$24$ million issue is $$590,000,$ and the underwriting cost on the old issue was $$440,000.$ The company is In a $30$ percent tax bracket, and It will allow an overlap period of one month $(1/12$ of the year$).$ Treasury bills currently yleld $3$ percent. $($Do not round Intermedlate calculatlons. Enter the answers in whole dollars, not in millilons. Round the final answers to nearest whole dollar.$)$ a$.$ Calculate the present value of total outflows. Total outflows $ b$.$ Calculate the present value of total Inflows. Total Inflows $ c$.$ Calculate the net present value. Net present value $ d$.$ Should the old issue be refunded with new debt? Yes No