The Marcos Company issued $100,000 of 30-year, $1,000 par value bonds with a coupon rate of 7% ten years ago.The bonds with a call price of $1,040 were sold at a discount of $30 per bond.The initial flotation cost was $6,000.The company wishes to sell a $100,000 new issue of 6%, 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 $8,000.The company's marginal tax rate is 40% and the new bonds are soldthreemonths before the old bonds are called. What is thenetcash outflow at time 0?