A Company has a $61,500,000 bond issue outstanding that has a 0.11 annual coupon interest rate and 20 years remaining to maturity. This issue, which was sold 5 years ago, had flotation costs of $3,500,000 that the firm has been amortizing on a straight-line basis over the 25-year original life of the issue. The bond has a call provision that makes it possible for the company to retire the issue at this time by calling the bonds in at a 0.11 call premium. Investment banks have assured the company that it could sell an additional $61,500,000 worth of new 20-year bonds at an interest rate of 0.07. To ensure that the funds required to pay off the old debt will be available, the new bonds will be sold 1 month before the old issue is called; thus, for 1 month the company will have to pay interest on two issues. Current short-term interest rates are 0.04. Predictions are that long-term interest rates are unlikely to fall below 9%. Flotation costs on a new refunding issue will amount to $2,650,000, and the firm's marginal federal-plus-state tax rate is 40%. Enter the NPV if the firm refunds it's 0.11 debt.

NOTE: Enter your answer to the nearest dollar amount, rounded up, with no dollar sign. If your answer is $4,567.34 enter 4,568