The Hudson Corporation has a $$10$ million bond obligation outstanding which it is considering refunding. Though the bonds were initially issued at $8$ percent, the interest rates on similar issues have declined to $6$ percent. The bonds were originally issued for $15$ years and haver $10$ years remaining. The new issue would be for $10$ years. There is a $10$ percent call premium on the old issue. The underwriting cost on the new issue is $$200,000,$ and the underwriting cost on the old issue was $$300,000.$ The company is in a $30$ percent tax bracket, and it will use a $4$ percent discount rate $($rounded aftertax cost of debt$)$ to analyze the refunding decision. Should the old issue be refunded with new debt?