Mila purchased a Zaffre Corporation $100,000 bond 10 years ago for its face value. The bond pays 5% interest annually. In a Type E reorganization, Zaffre exchanges Milas bond with 10 years remaining for a 15-year bond also having a face value of $100,000 but paying 4.5% annual interest. Mila earns a 3% after-tax rate of return, and she is in the 25% tax bracket for all years. Determine whether this is an equitable exchange for Mila. Hint: Use text Appendix F in your analysis.