Jan Volk, financial manager of Green Sea Transport (GST), has been asked by her boss to review GST's outstanding debt issues for possible bond refunding. Five years ago, GST issued $90,000,000 of 14%, 25-year debt. The issue, with semiannual coupons, is currently callable at a premium of 12%, or $120 for each $1,000 par value bond. Flotation costs on this issue were 5%, or $4,500,000. Volk believes that GST could issue 20-year debt today with a coupon rate of 9%. The firm has placed many issues in the capital markets during the last 10 years, and its debt flotation costs are currently estimated to be 5% of the issue's value. GST's federal-plus-state tax rate is 35%. Help Volk conduct the refunding analysis by answering the following questions. What is the appropriate discount rate to apply to these future cash flows? Round your answer to two decimal places. % per semiannual period What is the present value of these cash flows? Round your answer to the nearest dollar. $ What is the NPV of refunding? Round your answer to the nearest dollar. $ Should GST refund now or wait until later?