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Question Listen Decent Blokes Corporation issued 20-year bonds 5 years ago at par, when the yield- to-maturity on the issue was 9.0 percent. Since then, the yield-to-maturity has declined to 8.0 and the company is considering refunding the $35 million outstanding. They would replace it with an issue of equal size, for the number of years remaining of the original issue. The company would have to pay a call premium of 7.0 percent on the old issue and underwriting cost on the new $35 million issue is $650,000. The company is in a 30.0 tax bracket, and there will be an overlap period of 1 nlonth. Treasury Bills currently yield 4.0 percent per year