Gleason Enterprises issued 6%, 8-year, $2,500,000 par value bonds that pay interest semiannually on October 1 and April 1. The bonds are dated April 1, 2025, and are issued on that date. The discount rate of interest for such bonds on April 1, 2025, is 8%. What cash proceeds did Gleason receive from issuance of the bonds?

Compute the present value of a machine for purposes of making a purchase decision.