15. The Shawn-Mathers Corporation has a $19 million bond obligation outstanding, which it is considering refunding. Though the bonds were initially issued at 10 percent, the interest rates on similar issues have declined to 6.5%. The bonds were originally issued for 20 years and have 10 years remaining. The new issue would be tor 10 years. There is an 8% call premium on the old issue. The underwriting cost on the new $19,000,000 issue is $575,000, and the underwriting cost on the old issue was $400,000. The company is in a 35 percent tax bracket, and it will use a 7% discount rate (rounded after-tax cost of debt) to analyze the refunding decision. a. Calculate the present value of total outflows (3pts) b. Calculate the present value of total inflows (3pts). c. Calculate the net present value (3pts). d. Should the old issue be refunded with new debt (3pts)