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20 polnts e Sook Hint print References Check my wo Problem 1617 (Algo) Refunding decision [LO 16-3] The Bowman Corporation has an $21 million bond obligation outstanding that it is considering refunding. Though the bonds were initially issued at 10 percent, the interest rates on similar issues have declined to 87 percent. The bonds were originally issued for 20 years and have 10 years remaining. The new issue would be for 10 years. There is a 9 percent call premium on the old issue. The underwriting cost on the new issue is $510,000, and the underwriting cost on the old issue was S400,OOO_ The company is in a 35 percent tax bracket, and it will use an 10 percent discount rate to analyze the refunding decision. Use Appendix D for an approximate answer but calculate your final answer using the formula and financial calculator methods. a. Calculate the present value of total outflows. Note: Do not round intermediate calculations and round your answer to 2 decimal places. PV of total outflows b. Calculate the present value of total inflows. Note: Do not round intermediate calculations and round your answer to 2 decimal places. PV of total outflows c. Calculate the net present value. Note: Negative amount should be indicated by a minus sign. Do not round intermediate calculations and round your answer to 2 decimal places. Net present value