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The Marcos Company issued $20 million of 30-year, $1,000 par value bonds with a coupon rate of 9% ten years ago. The bonds with a call price of $1,050 were sold at a discount of $40 per bond. The initial flotation cost was $60,000. The company wishes to sell a $20 million new issue of 8%, 20-year bonds in order to retire its existing bonds. The company intends to sell its new bonds at their face value of $1,000 per bond. The flotation costs of the new issue are estimated to be $80,000. The companys marginal tax rate is 40% and the new bonds are sold three months before the old bonds are called. What is the annual net cash outflow (ANCO) of the old bonds?

The Marcos Company issued $20 million of 30-year, $1,000 par value bonds with a coupon rate of 9% ten years ago. The bonds with a call price of $1,050 were sold at a discount of $40 per bond. The initial flotation cost was $60,000. The company wishes to sell a $20 million new issue of 8%, 20-year bonds in order to retire its existing bonds. The company intends to sell its new bonds at their face value of $1,000 per bond. The flotation costs of the new issue are estimated to be $80,000. The companys marginal tax rate is 40% and the new bonds are sold three months before the old bonds are called. What is the refunding projects NPV?