Present value of bonds payable; discount Pinder Co. produces and sells high-quality video equipment. To finance its operations, Pinder issued

$25,000,000 of five-year, 7% bonds, with interest payable semiannually, at a market (effective)

interest rate of 9%. Determine the present value of the bonds payable, using the present value tables in Exhibits 5 and 7. Round to the nearest dollar.
AppendixLO1