21. ABC Comapny has an outstanding bond callable at $1,340. The total value of the bond is $100 million. The company determines issuing a new bond and use the proceeds to buy back the above bond, with transaction cost is $1,310,000. Suppose the tax rate is 30%. Based on the information given above, the total after-tax cost of refunding is approximately

A. $24.7 million.

B. $42.5 million.

C. $185.5 million.