The Sunbelt Corporation has $$40$millions of bonds outstanding that were issued at a coupon rate of $12(7/8)$ percent seven years ago. The interest rate has fallen to $12$ percent. Mr$.$ Health, the vice president of finance, does not expect rates to fall any further. The bonds have $18$ years left to maturity, and Mr$.$ Health would like to refund the bonds with a new issue of equal amount also having $18$ years to maturity. The Sunbelt Corporation has s tax rate of $36$ percent. The underwriting cost on the old issue was $2\mathrm{.}5$ percent of the total bond value. The original bond indenture contained a five$-$year protection against a call, with an $8$ percent call premium starting in the sixth year and scheduled to decline by one$-$half percent each year thereafter $($consider the bond to be seven years olds for purpose of computing the premium$).$ Assume the discount rate is equal to the aftertax of new debt rounded up to the nearest whole number. Should the Sunbelt Corporation refund the old issue?