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Many companies look to re-finance their outstanding debt when interest rates fall significantly. Javert Toy Company has $50.00 million in debt outstanding that pays an 9.00% APR coupon. The debt has an average maturity of 10.00 years. The firm can refinance at an annual rate of 5.25%. That is, investors want 5.25% today for bonds of similar risk and maturity How much will Javert save on interest payments with this re-finance? You can assume that Javert will issue debt to cover the full price of repurchasing the old debt from part A. (answer in terms of millions, so 1,000,000 would be 1.00) Submit Answer format: Currency: Round to: 4 decimal places. Crimson Tide Incorporated has a bond trading on the secondary market that will mature in six years. The bond pays a semi-annual coupon with a coupon rate of 9.375% APR. Based on the economy and risk associated with Crimson Tide, you seek a 12.78% APR return on Crimson Tide debt. The face value of the bond is $1,000. What price are you willing to pay for the bond? Submit Answer format: Currency: Round to: 2 decimal places