The Wagner Corporation has a $$22$ million bond obligation outstanding, which it is considering refunding. Though the bonds were initially issued at $12$ percent, the interest rates on similar issues have declined to $10$ percent. The bonds were originally issued for $20$ years and have $16$ years remaining. The new issue would be for $16$ years. There is a $7$ percent call premium on the old issue. The underwriting cost on the new $$22$ million issue is $$680,000,$ and the underwriting cost on the old issue was $$530,000.$ The company is in a $40$ percent tax bracket, and it will allow an overlap period of one month $(1/12$ of the year$).$ Treasury bills currently yield $5$ percent. $($Do not round intermediate calculations. Enter the answers in whole dollars, not in millions. Round the final answers to nearest whole dollar.$)$

a$.$ Calculate the present value of total outflows.

Total outflows

$

b$.$ Calculate the present value of total inflows.

Total inflows $$59107982$

c$.$ Calculate the net present value.

Net present value $

d$.$ Should the old issue be refunded with new debt?