"the state of idaho issued 2000000 of 7% coupon,20 year semiannual payment, tax exempt bonds 5 year ago.

"the state of idaho issued 2000000 of 7% coupon,20 year semiannual payment, tax exempt bonds 5 year ago.the bonda has 5 years of call protection,but now the state can call the bonds if it chooses to do so. The call premium would be5% of the face ammount. Today 15years 5% semianual payment bond can be sold at par but flotation cot on this issue would be 2% What is the net present value of refunding