The Bowman Corporation has an $$19$ million bond obligation outstanding that it is considering refunding. Though the bonds were initially issued at $12$ percent, the interest rates on similar issues have declined to $10\mathrm{.}8$ percent. The bonds were originally issued for $20$ years and have $10$ years remaining. The new issue would be for $10$ years. There is a $8$ percent call premium on the old issue. The underwriting cost on the new $$19,000,000$ issue is $$490,000,$ and the underwriting cost on the old issue was $$380,000.$ The company is in a $35$ percent tax bracket, and it will use an $8$ 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.