An investment project has an initial cost of $382 and cash flows of $105, $130, $150, and $150 for Years 1 to 4, respectively. The cost of capital is 9 percent. What is the discounted payback period? a. 3.42 years b. 3.57 years c. 2.76 years Tom Fong Music Inc., has an outstanding bond callable at $1,340.The total value of the bond is $100 million. The company is considering issuing a new bond and using the proceeds to buy back the existing bond. The transaction cost of such refunding is $23,430,000. Suppose the tax rate is 30%. The total after-tax cost of refunding is approximately a. $40.2 million. b. $185.5 million. c. $24.7 million