5. Compute the price of $52,522,704 received for the bonds by using the present value tables. Additional Instruction Present value of the face amount Present value of the semiannual interest payments Price received for the bonds \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline \multicolumn{7}{c}{ Present Value of \$1 at Compound Interest Due in n Periods } \\ \hline Periods & 4.0% & 4.5% & 5% & 5.5% & 6% & 6.5% & 7% \\ \hline 1 & 0.96154 & 0.95694 & 0.95238 & 0.94787 & 0.94340 & 0.93897 & 0.93458 \\ \hline 2 & 0.92456 & 0.91573 & 0.90703 & 0.89845 & 0.89000 & 0.88166 & 0.87344 \\ \hline 3 & 0.88900 & 0.87630 & 0.86384 & 0.85161 & 0.83962 & 0.82785 & 0.81630 \\ \hline 4 & 0.85480 & 0.83856 & 0.82270 & 0.80722 & 0.79209 & 0.77732 & 0.76290 \\ 5 & 0.82193 & 0.80245 & 0.78353 & 0.76513 & 0.74726 & 0.72988 & 0.71299 \\ 6 & 0.79031 & 0.76790 & 0.74622 & 0.72525 & 0.70496 & 0.68533 & 0.66634 \\ 7 & 0.75992 & 0.73483 & 0.71068 & 0.68744 & 0.66506 & 0.64351 & 0.62275 \\ 8 & 0.73069 & 0.70319 & 0.67684 & 0.65160 & 0.62741 & 0.60423 & 0.58201 \\ 9 & 0.70259 & 0.67290 & 0.64461 & 0.61763 & 0.59190 & 0.56735 & 0.54393 \\ \hline \end{tabular} Present Value Tables \begin{tabular}{cccccccc} 10 & 0.67556 & 0.64393 & 0.61391 & 0.58543 & 0.55839 & 0.53273 & 0.50835 \\ 11 & 0.64958 & 0.61620 & 0.58468 & 0.55491 & 0.52679 & 0.50021 & 0.47509 \\ 12 & 0.62460 & 0.58966 & 0.55684 & 0.52598 & 0.49697 & 0.46968 & 0.44401 \\ 13 & 0.60057 & 0.56427 & 0.53032 & 0.49856 & 0.46884 & 0.44102 & 0.41496 \\ 14 & 0.57748 & 0.53997 & 0.50507 & 0.47257 & 0.44230 & 0.41410 & 0.38782 \\ 15 & 0.55526 & 0.51672 & 0.48102 & 0.44793 & 0.41727 & 0.38883 & 0.36245 \\ 16 & 0.53391 & 0.49447 & 0.45811 & 0.42458 & 0.39365 & 0.36510 & 0.33873 \\ 17 & 0.51337 & 0.47318 & 0.43630 & 0.40245 & 0.37136 & 0.34281 & 0.31657 \\ 18 & 0.49363 & 0.45280 & 0.41552 & 0.38147 & 0.35034 & 0.32189 & 0.29586 \\ 19 & 0.47464 & 0.43330 & 0.39573 & 0.36158 & 0.33051 & 0.30224 & 0.27651 \\ 10 & 0.45639 & 0.41464 & 0.37689 & 0.34273 & 0.31180 & 0.28380 & 0.25842 \end{tabular} Present Value Tables \begin{tabular}{|lllllllll} 21 & 0.43883 & 0.39679 & 0.35894 & 0.32486 & 0.29416 & 0.26648 & 0.24151 \\ 22 & 0.42196 & 0.37970 & 0.34185 & 0.30793 & 0.27751 & 0.25021 & 0.22571 \\ \hline 23 & 0.40573 & 0.36335 & 0.32557 & 0.29187 & 0.26180 & 0.23494 & 0.21095 \\ \hline 24 & 0.39012 & 0.34770 & 0.31007 & 0.27666 & 0.24698 & 0.22060 & 0.19715 \\ 25 & 0.37512 & 0.33273 & 0.29530 & 0.26223 & 0.23300 & 0.20714 & 0.18425 \\ 26 & 0.36069 & 0.31840 & 0.28124 & 0.24856 & 0.21981 & 0.19450 & 0.17220 \\ 27 & 0.34682 & 0.30469 & 0.26785 & 0.23560 & 0.20737 & 0.18263 & 0.16093 \\ 28 & 0.33348 & 0.29157 & 0.25509 & 0.22332 & 0.19563 & 0.17148 & 0.15040 \\ 29 & 0.32065 & 0.27902 & 0.24295 & 0.21168 & 0.18456 & 0.16101 & 0.14056 \\ 30 & 0.30832 & 0.26700 & 0.23138 & 0.20064 & 0.17411 & 0.15119 & 0.13137 \\ 31 & 0.29646 & 0.25550 & 0.22036 & 0.19018 & 0.16425 & 0.14196 & 0.12277 \\ \hline \end{tabular} ent Value Tables \begin{tabular}{lllllllll} 29 & 0.32065 & 0.27902 & 0.24295 & 0.21168 & 0.18456 & 0.16101 & 0.14056 \\ 30 & 0.30832 & 0.26700 & 0.23138 & 0.20064 & 0.17411 & 0.15119 & 0.13137 \\ 31 & 0.29646 & 0.25550 & 0.22036 & 0.19018 & 0.16425 & 0.14196 & 0.12277 \\ 32 & 0.28506 & 0.24450 & 0.20987 & 0.18027 & 0.15496 & 0.13329 & 0.11474 \\ 33 & 0.27409 & 0.23397 & 0.19987 & 0.17087 & 0.14619 & 0.12516 & 0.10723 \\ 34 & 0.26355 & 0.22390 & 0.19035 & 0.16196 & 0.13791 & 0.11752 & 0.10022 \\ 35 & 0.25342 & 0.21425 & 0.18129 & 0.15352 & 0.13011 & 0.11035 & 0.09366 \\ 40 & 0.20829 & 0.17193 & 0.14205 & 0.11746 & 0.09722 & 0.08054 & 0.06678 \\ 45 & 0.17120 & 0.13796 & 0.11130 & 0.08988 & 0.07265 & 0.05879 & 0.04761 \\ 50 & 0.14071 & 0.11071 & 0.08720 & 0.06877 & 0.05429 & 0.04291 & 0.03395 \end{tabular} \begin{tabular}{cccccccc} \multicolumn{7}{c}{ Present Value of Ordinary Annuity of \$1 per Period } \\ \hline Periods & 4.0% & 4.5% & 5% & 5.5% & 6% & 6.5% & ; \\ \hline 1 & 0.96154 & 0.95694 & 0.95238 & 0.94787 & 0.94340 & 0.93897 & 0.9 \\ 2 & 1.88609 & 1.87267 & 1.85941 & 1.84632 & 1.83339 & 1.82063 & 1.8 \\ 3 & 2.77509 & 2.74896 & 2.72325 & 2.69793 & 2.67301 & 2.64848 & 2.6 \\ 4 & 3.62990 & 3.58753 & 3.54595 & 3.50515 & 3.46511 & 3.42580 & 3.3 \\ 5 & 4.45182 & 4.38998 & 4.32948 & 4.27028 & 4.21236 & 4.15568 & 4.1 \\ 6 & 5.24214 & 5.15787 & 5.07569 & 4.99553 & 4.91732 & 4.84101 & 4.7 \\ 7 & 6.00205 & 5.89270 & 5.78637 & 5.68297 & 5.58238 & 5.48452 & 5.3 \\ 8 & 6.73274 & 6.59589 & 6.46321 & 6.33457 & 6.20979 & 6.08875 & 5.9 \\ 9 & 7.43533 & 7.26879 & 7.10782 & 6.95220 & 6.80169 & 6.65610 & 6.5% \\ \hline \end{tabular} Present Value lables \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline 10 & 8.11090 & 7.91272 & 7.72173 & 753763 & 7.36009 & 7. 18883 & 7.02358 \\ \hline & 8.76048 & 8.52892 & 8.30641 & 8.09254 & 780 & 7.68904 & 7.49867 \\ \hline & 9.38507 & 9.11858 & 8.86325 & 8.61852 & 8.38384 & 8.10013 & r \\ \hline 13 & 9.98565 & 9.68285 & 9.39357 & 9.11708 & 8.85268 & 8.59974 & 8.3576 \\ \hline & 10.56312 & 10.22283 & 9.89864 & 958965 & 29498 & 01384 & 8745 \\ \hline & 11.11839 & 10.73955 & 10.37966 & 10.03758 & 9.71225 & 940267 & 9.10791 \\ \hline 10 & 11.65230 & 11.23402 & 10.83777 & 10.46216 & 1010590 & 9.76776 & 9.44665 \\ \hline 17 & 12.16567 & 11.70719 & 11.27407 & 10.86461 & 10.47726 & 10.11058 & 976322 \\ \hline 18 & 12.65930 & 12.15999 & 11.68959 & 11.24607 & 10.82760 & 10.43247 & 10.05909 \\ \hline 19 & 13.13394 & 12.59329 & 12.08532 & 11.60765 & 11.15812 & 10.73471 & 103356 \\ \hline 20 & 13.59033 & 13.00794 & 12.46221 & 11.95038 & 11.46992 & 1101 & 10 \\ \hline \end{tabular} Present Value Tables \begin{tabular}{lllllllll} \hline 21 & 14.02916 & 13.40472 & 12.82115 & 12.27524 & 11.76408 & 11.28498 & 10.83553 \\ 22 & 14.45112 & 13.78442 & 13.16300 & 12.58317 & 12.04158 & 11.53520 & 11.06124 \\ \hline 23 & 14.85684 & 14.14777 & 13.48857 & 12.87504 & 12.30338 & 11.77014 & 11.27219 \\ 24 & 15.24696 & 14.49548 & 13.79864 & 13.15170 & 12.55036 & 11.99074 & 11.46933 \\ 25 & 15.62208 & 14.82821 & 14.09394 & 13.41393 & 12.78336 & 12.19788 & 11.65358 \\ 26 & 15.98277 & 15.14661 & 14.37519 & 13.66250 & 13.00317 & 12.39237 & 11.82578 \\ 27 & 16.32959 & 15.45130 & 14.64303 & 13.89810 & 13.21053 & 12.57500 & 11.98671 \\ 28 & 16.66306 & 15.74287 & 14.89813 & 14.12142 & 13.40616 & 12.74648 & 12.13711 \\ 29 & 16.98371 & 16.02189 & 15.14107 & 14.33310 & 13.59072 & 12.90749 & 12.27767 \\ 30 & 17.29203 & 16.28889 & 15.37245 & 14.53375 & 13.76483 & 13.05868 & 12.40904 \\ 31 & 17.58849 & 16.54439 & 15.59281 & 14.72393 & 13.92909 & 13.20063 & 12.53181 \end{tabular} Present Value Tables \begin{tabular}{|lrlrrrr|r|} \hline 29 & 16.98371 & 16.02189 & 15.14107 & 14.33310 & 13.59072 & 12.90749 & 12.27767 \\ \hline 30 & 17.29203 & 16.28889 & 15.37245 & 14.53375 & 13.76483 & 13.05868 & 12.40904 \\ \hline 31 & 17.58849 & 16.54439 & 15.59281 & 14.72393 & 13.92909 & 13.20063 & 12.53181 \\ \hline 32 & 17.87355 & 16.78889 & 15.80268 & 14.90420 & 14.08404 & 13.33393 & 12.64656 \\ \hline 33 & 18.14765 & 17.02286 & 16.00255 & 15.07507 & 14.23023 & 13.45909 & 12.75379 \\ \hline 34 & 18.41120 & 17.24676 & 16.19290 & 15.23703 & 14.36814 & 13.57661 & 12.85401 \\ 35 & 18.66461 & 17.46101 & 16.37419 & 15.39055 & 14.49825 & 13.68696 & 12.94767 \\ 40 & 19.79277 & 18.40158 & 17.15909 & 16.04612 & 15.04630 & 14.14553 & 13.33171 \\ 45 & 20.72004 & 19.15635 & 17.77407 & 16.54773 & 15.45583 & 14.48023 & 13.60552 \\ 50 & 21.48218 & 19.76201 & 18.25593 & 16.93152 & 15.76186 & 14.72452 & 13.80075 \\ \hline \end{tabular} 5. Compute the price of $52,522,704 received for the bonds by using the present value tables. Additional Instruction Present value of the face amount Present value of the semiannual interest payments Price received for the bonds \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline \multicolumn{7}{c}{ Present Value of \$1 at Compound Interest Due in n Periods } \\ \hline Periods & 4.0% & 4.5% & 5% & 5.5% & 6% & 6.5% & 7% \\ \hline 1 & 0.96154 & 0.95694 & 0.95238 & 0.94787 & 0.94340 & 0.93897 & 0.93458 \\ \hline 2 & 0.92456 & 0.91573 & 0.90703 & 0.89845 & 0.89000 & 0.88166 & 0.87344 \\ \hline 3 & 0.88900 & 0.87630 & 0.86384 & 0.85161 & 0.83962 & 0.82785 & 0.81630 \\ \hline 4 & 0.85480 & 0.83856 & 0.82270 & 0.80722 & 0.79209 & 0.77732 & 0.76290 \\ 5 & 0.82193 & 0.80245 & 0.78353 & 0.76513 & 0.74726 & 0.72988 & 0.71299 \\ 6 & 0.79031 & 0.76790 & 0.74622 & 0.72525 & 0.70496 & 0.68533 & 0.66634 \\ 7 & 0.75992 & 0.73483 & 0.71068 & 0.68744 & 0.66506 & 0.64351 & 0.62275 \\ 8 & 0.73069 & 0.70319 & 0.67684 & 0.65160 & 0.62741 & 0.60423 & 0.58201 \\ 9 & 0.70259 & 0.67290 & 0.64461 & 0.61763 & 0.59190 & 0.56735 & 0.54393 \\ \hline \end{tabular} Present Value Tables \begin{tabular}{cccccccc} 10 & 0.67556 & 0.64393 & 0.61391 & 0.58543 & 0.55839 & 0.53273 & 0.50835 \\ 11 & 0.64958 & 0.61620 & 0.58468 & 0.55491 & 0.52679 & 0.50021 & 0.47509 \\ 12 & 0.62460 & 0.58966 & 0.55684 & 0.52598 & 0.49697 & 0.46968 & 0.44401 \\ 13 & 0.60057 & 0.56427 & 0.53032 & 0.49856 & 0.46884 & 0.44102 & 0.41496 \\ 14 & 0.57748 & 0.53997 & 0.50507 & 0.47257 & 0.44230 & 0.41410 & 0.38782 \\ 15 & 0.55526 & 0.51672 & 0.48102 & 0.44793 & 0.41727 & 0.38883 & 0.36245 \\ 16 & 0.53391 & 0.49447 & 0.45811 & 0.42458 & 0.39365 & 0.36510 & 0.33873 \\ 17 & 0.51337 & 0.47318 & 0.43630 & 0.40245 & 0.37136 & 0.34281 & 0.31657 \\ 18 & 0.49363 & 0.45280 & 0.41552 & 0.38147 & 0.35034 & 0.32189 & 0.29586 \\ 19 & 0.47464 & 0.43330 & 0.39573 & 0.36158 & 0.33051 & 0.30224 & 0.27651 \\ 10 & 0.45639 & 0.41464 & 0.37689 & 0.34273 & 0.31180 & 0.28380 & 0.25842 \end{tabular} Present Value Tables \begin{tabular}{|lllllllll} 21 & 0.43883 & 0.39679 & 0.35894 & 0.32486 & 0.29416 & 0.26648 & 0.24151 \\ 22 & 0.42196 & 0.37970 & 0.34185 & 0.30793 & 0.27751 & 0.25021 & 0.22571 \\ \hline 23 & 0.40573 & 0.36335 & 0.32557 & 0.29187 & 0.26180 & 0.23494 & 0.21095 \\ \hline 24 & 0.39012 & 0.34770 & 0.31007 & 0.27666 & 0.24698 & 0.22060 & 0.19715 \\ 25 & 0.37512 & 0.33273 & 0.29530 & 0.26223 & 0.23300 & 0.20714 & 0.18425 \\ 26 & 0.36069 & 0.31840 & 0.28124 & 0.24856 & 0.21981 & 0.19450 & 0.17220 \\ 27 & 0.34682 & 0.30469 & 0.26785 & 0.23560 & 0.20737 & 0.18263 & 0.16093 \\ 28 & 0.33348 & 0.29157 & 0.25509 & 0.22332 & 0.19563 & 0.17148 & 0.15040 \\ 29 & 0.32065 & 0.27902 & 0.24295 & 0.21168 & 0.18456 & 0.16101 & 0.14056 \\ 30 & 0.30832 & 0.26700 & 0.23138 & 0.20064 & 0.17411 & 0.15119 & 0.13137 \\ 31 & 0.29646 & 0.25550 & 0.22036 & 0.19018 & 0.16425 & 0.14196 & 0.12277 \\ \hline \end{tabular} ent Value Tables \begin{tabular}{lllllllll} 29 & 0.32065 & 0.27902 & 0.24295 & 0.21168 & 0.18456 & 0.16101 & 0.14056 \\ 30 & 0.30832 & 0.26700 & 0.23138 & 0.20064 & 0.17411 & 0.15119 & 0.13137 \\ 31 & 0.29646 & 0.25550 & 0.22036 & 0.19018 & 0.16425 & 0.14196 & 0.12277 \\ 32 & 0.28506 & 0.24450 & 0.20987 & 0.18027 & 0.15496 & 0.13329 & 0.11474 \\ 33 & 0.27409 & 0.23397 & 0.19987 & 0.17087 & 0.14619 & 0.12516 & 0.10723 \\ 34 & 0.26355 & 0.22390 & 0.19035 & 0.16196 & 0.13791 & 0.11752 & 0.10022 \\ 35 & 0.25342 & 0.21425 & 0.18129 & 0.15352 & 0.13011 & 0.11035 & 0.09366 \\ 40 & 0.20829 & 0.17193 & 0.14205 & 0.11746 & 0.09722 & 0.08054 & 0.06678 \\ 45 & 0.17120 & 0.13796 & 0.11130 & 0.08988 & 0.07265 & 0.05879 & 0.04761 \\ 50 & 0.14071 & 0.11071 & 0.08720 & 0.06877 & 0.05429 & 0.04291 & 0.03395 \end{tabular} \begin{tabular}{cccccccc} \multicolumn{7}{c}{ Present Value of Ordinary Annuity of \$1 per Period } \\ \hline Periods & 4.0% & 4.5% & 5% & 5.5% & 6% & 6.5% & ; \\ \hline 1 & 0.96154 & 0.95694 & 0.95238 & 0.94787 & 0.94340 & 0.93897 & 0.9 \\ 2 & 1.88609 & 1.87267 & 1.85941 & 1.84632 & 1.83339 & 1.82063 & 1.8 \\ 3 & 2.77509 & 2.74896 & 2.72325 & 2.69793 & 2.67301 & 2.64848 & 2.6 \\ 4 & 3.62990 & 3.58753 & 3.54595 & 3.50515 & 3.46511 & 3.42580 & 3.3 \\ 5 & 4.45182 & 4.38998 & 4.32948 & 4.27028 & 4.21236 & 4.15568 & 4.1 \\ 6 & 5.24214 & 5.15787 & 5.07569 & 4.99553 & 4.91732 & 4.84101 & 4.7 \\ 7 & 6.00205 & 5.89270 & 5.78637 & 5.68297 & 5.58238 & 5.48452 & 5.3 \\ 8 & 6.73274 & 6.59589 & 6.46321 & 6.33457 & 6.20979 & 6.08875 & 5.9 \\ 9 & 7.43533 & 7.26879 & 7.10782 & 6.95220 & 6.80169 & 6.65610 & 6.5% \\ \hline \end{tabular} Present Value lables \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline 10 & 8.11090 & 7.91272 & 7.72173 & 753763 & 7.36009 & 7. 18883 & 7.02358 \\ \hline & 8.76048 & 8.52892 & 8.30641 & 8.09254 & 780 & 7.68904 & 7.49867 \\ \hline & 9.38507 & 9.11858 & 8.86325 & 8.61852 & 8.38384 & 8.10013 & r \\ \hline 13 & 9.98565 & 9.68285 & 9.39357 & 9.11708 & 8.85268 & 8.59974 & 8.3576 \\ \hline & 10.56312 & 10.22283 & 9.89864 & 958965 & 29498 & 01384 & 8745 \\ \hline & 11.11839 & 10.73955 & 10.37966 & 10.03758 & 9.71225 & 940267 & 9.10791 \\ \hline 10 & 11.65230 & 11.23402 & 10.83777 & 10.46216 & 1010590 & 9.76776 & 9.44665 \\ \hline 17 & 12.16567 & 11.70719 & 11.27407 & 10.86461 & 10.47726 & 10.11058 & 976322 \\ \hline 18 & 12.65930 & 12.15999 & 11.68959 & 11.24607 & 10.82760 & 10.43247 & 10.05909 \\ \hline 19 & 13.13394 & 12.59329 & 12.08532 & 11.60765 & 11.15812 & 10.73471 & 103356 \\ \hline 20 & 13.59033 & 13.00794 & 12.46221 & 11.95038 & 11.46992 & 1101 & 10 \\ \hline \end{tabular} Present Value Tables \begin{tabular}{lllllllll} \hline 21 & 14.02916 & 13.40472 & 12.82115 & 12.27524 & 11.76408 & 11.28498 & 10.83553 \\ 22 & 14.45112 & 13.78442 & 13.16300 & 12.58317 & 12.04158 & 11.53520 & 11.06124 \\ \hline 23 & 14.85684 & 14.14777 & 13.48857 & 12.87504 & 12.30338 & 11.77014 & 11.27219 \\ 24 & 15.24696 & 14.49548 & 13.79864 & 13.15170 & 12.55036 & 11.99074 & 11.46933 \\ 25 & 15.62208 & 14.82821 & 14.09394 & 13.41393 & 12.78336 & 12.19788 & 11.65358 \\ 26 & 15.98277 & 15.14661 & 14.37519 & 13.66250 & 13.00317 & 12.39237 & 11.82578 \\ 27 & 16.32959 & 15.45130 & 14.64303 & 13.89810 & 13.21053 & 12.57500 & 11.98671 \\ 28 & 16.66306 & 15.74287 & 14.89813 & 14.12142 & 13.40616 & 12.74648 & 12.13711 \\ 29 & 16.98371 & 16.02189 & 15.14107 & 14.33310 & 13.59072 & 12.90749 & 12.27767 \\ 30 & 17.29203 & 16.28889 & 15.37245 & 14.53375 & 13.76483 & 13.05868 & 12.40904 \\ 31 & 17.58849 & 16.54439 & 15.59281 & 14.72393 & 13.92909 & 13.20063 & 12.53181 \end{tabular} Present Value Tables \begin{tabular}{|lrlrrrr|r|} \hline 29 & 16.98371 & 16.02189 & 15.14107 & 14.33310 & 13.59072 & 12.90749 & 12.27767 \\ \hline 30 & 17.29203 & 16.28889 & 15.37245 & 14.53375 & 13.76483 & 13.05868 & 12.40904 \\ \hline 31 & 17.58849 & 16.54439 & 15.59281 & 14.72393 & 13.92909 & 13.20063 & 12.53181 \\ \hline 32 & 17.87355 & 16.78889 & 15.80268 & 14.90420 & 14.08404 & 13.33393 & 12.64656 \\ \hline 33 & 18.14765 & 17.02286 & 16.00255 & 15.07507 & 14.23023 & 13.45909 & 12.75379 \\ \hline 34 & 18.41120 & 17.24676 & 16.19290 & 15.23703 & 14.36814 & 13.57661 & 12.85401 \\ 35 & 18.66461 & 17.46101 & 16.37419 & 15.39055 & 14.49825 & 13.68696 & 12.94767 \\ 40 & 19.79277 & 18.40158 & 17.15909 & 16.04612 & 15.04630 & 14.14553 & 13.33171 \\ 45 & 20.72004 & 19.15635 & 17.77407 & 16.54773 & 15.45583 & 14.48023 & 13.60552 \\ 50 & 21.48218 & 19.76201 & 18.25593 & 16.93152 & 15.76186 & 14.72452 & 13.80075 \\ \hline \end{tabular}
