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1) Non-Stick Cookware issues $1,450,000 of 14-year bonds yielding 8% interest payable at each year-end. If the market rate for similar risk bonds is 6%,
1) Non-Stick Cookware issues $1,450,000 of 14-year bonds yielding 8% interest payable at each year-end. If the market rate for similar risk bonds is 6%, what is the present value of these bonds? In the answer field, please put your answer in bold font and show your work to receive credit (including the factor/table (e.g., Table 6.5 or PVAD), interest rate, and number of periods used).
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