The Marcos Company issued $30 million of 20-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 $20 per bond. The initial flotation cost was $40,000. The company wishes to sell a $30 million new issue of 8%, 10-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 $50,000. The company's marginal tax rate is 40% and the new bonds are sold two months before the old bonds are called. What is the refunding project's NPV? (If the answer is $123,456.78, then enter 123456.78 or 123,456.78.)