solve problem with a finance claculator

Delta Communication Corporation has a $100 million, 12 percent, annual coupon bond outstanding with 10 years remaining to maturity. The bond has a call provision that permits the company to retire the issue by calling in the bonds at an 8 percent call premium. Investment bankers have assured Delta Corp. that it could issue an additional $100 million of new 10 percent coupon, 10-year bonds that pay interest annually. Flotation costs on the new refunding issue will amount to $4 million. Predictions that long-term interest rate are unlikely to fall below 10 percent. Deltas marginal tax rate is 40 percent.

Should the company refund the $100 million of 12 percent annual coupon bonds? (Hint: call premium is not a tax-deductible expense).

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