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Galifre Educational issues $4 million in 11.5% bonds maturing June 8, 2037. The bond is callable June 8, 2020 at a call premium of 7.25%.

Galifre Educational issues $4 million in 11.5% bonds maturing June 8, 2037. The bond is callable June 8, 2020 at a call premium of 7.25%. On June 8, 2020, the prevailing yield is 2.500%. If Galifre Educational calls the entire issue and replaces it with 2.500% bonds also maturing June 8, 2037, then each semi-annual coupon payment will decrease by how much?

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