1/1/18 Company Z issues bonds with a par value of $1,000,000, they mature in 10 years, and pay 5% interest semiannually on 6/30 and 12/31. The bonds are sold at a discount of 95% due to a contract rate that is less than the market rate. Amortization is straight line.

The number of periods (number of times the interest payment is made) in the bonds payable is: