asap i have 20 min please

V Tech Ltd. is thinking of refunding $50 miltion in bonds. The bonds carry o coupon rate of 10%, paid annually, and have o 6% call premium. The bonds were issued 10 years ogo, with 25 years to maturity. The current interest rate for similar bonds is 8%. The new bond issue would have a call premium of 5% and incur underwriting costs of $1.8 million. A 2 -month overlop period is expected. The company pays corporote toxes at 35% and treosury bill rates are currently 3%. Required: Advise the company on whether they should refund their bonds, giving the reason for your recommendation. Show all colculations. (16 morks)