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Current bond issue data Par value$45,000,000 OLD Couponrate6.2500% OLD Original maturity40 Remaining maturity25 OLD Original flotation costs$4,900,000 Call premium5.0000% Tax rate40% Refunding data NEW Coupon

Current bond issue data

Par value$45,000,000

OLD Couponrate6.2500%

OLD Original maturity40

Remaining maturity25

OLD Original flotation costs$4,900,000

Call premium5.0000%

Tax rate40%

Refunding data

NEW Coupon rate4.0000%

NEW Maturity25

NEW Flotation costs $3,600,000

Using this information how do you get the INITIAL CASH OUTLAY

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