The Wagner Corporation has a $$28$ million bond obligation outstanding, which it is considering refunding. Though the bonds were initially issued at $13$ percent, the interest rates on similar issues have declined to $10\mathrm{.}6$ percent. The bonds were originally issued for $25$ years and have $21$ years remaining. The new issue would be for $21$ years. There is a $8$ percent call premium on the old issue. The underwriting cost on the new $$28$ million issue is $$630,000,$ and the underwriting cost on the old issue was $$480,000.$ The company is in a $34$ percent tax bracket, and it will allow an overlap period of one month $(\frac{1}{12}$ of the year$).$ Treasury bills currently yield $4$ 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

$

c$.$ Calculate the net present value.

Net present value

$

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

Yes

No