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A callable bond is 4 years from maturity, makes annual payments, has a 7% coupon, and 5% yield. The call price is $1060. If there

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A callable bond is 4 years from maturity, makes annual payments, has a 7% coupon, and 5% yield. The call price is $1060. If there are a total of 30,000 bond issues, how much does the issuer make by calling all of these bonds in? (Hint: The example we did in class was for 1 bond issue. In this problem, there are 30,000 bond issues.)

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