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Apollo’s Beta bond has just reached the end of its period of call protection, has 10 years to go until maturity, and has a face value of $1,000

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Apollo’s Beta bond has just reached the end of its period of call protection, has 10 years to go until maturity, and has a face value of $1,000. Its coupon rate is 16% and the interest rate is currently 10%. Should Apollo refund this issue if refunding costs a total of 8% of the value of the debt refunded plus the call penalty?