Baystreet Inc. would like to refund its existing bonds outstanding as rates have declined, and their credit rating has improved since these bonds were issued 8 years ago. There are currently $23 million bonds outstanding which were issued at 10.25%, and they have 15 years of their 20-year maturity remaining. Current yields for similar 15-year bonds are trading at 8.75%. Baystreet will pay a call premium of 4.5% and will incur underwriting costs of $295,000 immediately. No underwriting costs are considered on the old bond. The company pays 20% tax. There is a one-month overlap interest period and short-term rates are currently at 4.2%. Should the old issue be refunded