9.) Martinez Inc. manufactures cycling equipment. Recently, the vice president of operations of the company has requested construction of a new plant to meet the increasing demand for the companys bikes. After a careful evaluation of the request, the board of directors has decided to raise funds for the new plant by issuing $3,470,700 of 10% term corporate bonds on March 1, 2020, due on March 1, 2035, with interest payable each March 1 and September 1, with the first interest payment on September 1st, 2020. At the time of issuance, the market interest rate for similar financial instruments is 8%. Click here to view factor tables As the controller of the company, determine the selling price of the bonds. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) Selling price of the bonds

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13.92909 14.08404 14.23023 14.36814 14.49825 14.62099 14.73678 19.36786 14.84602 14.94907 15.04630 (n) Periods 15% 1 2 3 4 + 5 6 6 7 8 3.31213 5.95.424 4. Present Value of an Ordinary Annuity of 1 Table. Contains the amounts that 31 22.93770 21.39541 15-59201 +7-50049 29468.00 2008 must be deposited now at a specified rate of interest to permit withdrawals of 1 at 32 23.46833 21.84918 20.38877 17.87355 15.80268 the end of regular periodic intervals for the specified number of periods (Table 33 23.98856 22.29188 COOEE 6.4). 20.76579 18.14765 16.00255 29 34 24.49859 22.72379 21.13184 18.41120 16.19290 TABLE 6.4 Present Value of an Ordinary Annuity of 1 . 35 24.99862 23.14516 21.48722 18.66461 16.37419 2000 1 18 20 FEB 36 1- 25.48884 + 23-55625 21.83225 18.90828 16.54685 PVF-OA = 16 37 1 25.96945 23.95732 16 16 22.16724 19.14258 16.71129 (n) 38 26.44064 24.34860 22.49246 16.86789 Periods 2% 212% 3% 5% 6% 39 26.90259 24.73034 22.80822 19-58448 17.01704 1 .98039 .97561 .97087 -96154 .95238 .94340 40 27-35548 25.10278 23.11477 19.79277 17.15909 2 1.94156 1.92742 1.91347 1.88609 1.85941 1.83339 3 2.88388 2.85602 2.82861 2.77509 2.72325 2.67301 8% 9% 10% 11% 12% 4 3.80773 3.76197 3.71710 3.62990 3.54595 3.46511 .92593 000 .91743 .90909 .90090 4.71346 5 4.64583 .89286 .86957 4-57971 4.45182 ***** 4-32948 4.21236 1.78326 1.75911 6 1.73554 5.60143 5-50813 1.71252 1.69005 1.62571 5.41719 5.24214 5.07569 4.91732 2.57710 2.53130 2.48685 2.44371 2.40183 7 6.47199 6.34939 6.00205 2.28323 6.23028 5.78637 *** 5.58238 8 3.23972 3.16986 3.10245 3.03735 2.85498 7-32548 7.17014 7.01969 6.73274 6.46321 6.20979 ny 3.88965 3.79079 3.69590 9 8.16224 7.97087 3.99271 7.78611 3.60478 7.43533 6.80169 7.10782 3.79079 3.35216 . 4.62288 4-48592 4.23054 4-35526 3.78448 10 4.11141 8.98259 8.75206 8.11090 8.53020 7.72173 7-36009 41014 3.70449 5.09905 5.20697 11 4.86842 9.78685 4.71220 5.20037 4-56376 9.51421 5.03295 9.25262 8.76048 4.16042 7.88687 8.30641 49037 5.74664 569482 5,89402 5-33493 5.14612 44872 12 4.96764 10.57534 5.74664 4.48732 10.25776 9.95400 5-53482 9.38507 8.86325 3.14012 8.38384 5.99525 6.24689 5.75002 Once 13 10.98319 11.34837 10.63496 5.32825 5-53705 5-99525 124009 9.98565 9.39357 5.75902 8.85268 4.77158 5:32625 6.71008 2007 6.41766 6.14457 5.88923 5.65022 501 14 12.10625 11.69091 11.29607 10.56312 9.89864 5.01877 W.19457 9.29498 S.co923 429490 7.13896 6.49506 6.20652 15 5.29871 0.00519 12.84926 12.38138 11.11839 5.93770 5.23371 11.93794 W2054 10.37966 9.71225 ws 7.53608 7.16073 6.81369 6.19437 5.42065 16 13-57771 6.49236 12.56110 13.05500 11.65230 10.83777 sy 10.10590 7.00278 W.19437 5.42002 7.48690 7.10336 6.74987 17 5.58215 14.29187 7.90378 13.71220 6.42355 13.16612 12.16567 11.27407 330 10.47726 4.4-355 5.50315 C 2017 8.24424 18 . 7.78615 7-36669 14.35336 6.98187 6.62817 14.99203 5.72448 13.75351 12.65930 we? 11.68959 10.82760 w? www 8.06060 8.55948 7.60608 7.19087 6.81086 19 15.67846 14.97889 14.32380 0.00009 13-13394 12.08532 11.15812 5.84737 8.85137 8.31256 7.82371 7-37916 6.97399 20 16.35143 15.58916 14.87747 13-59033 12.46221 11.46992 9.12164 21 8.54363 17.01121 16.18455 21 8.02155 7.54879 14.02916 7.11963 10.10455 15.41502 2012 14.02910 12.82115 11.76408 9.37189 8.75563 8.20141 7.70162 7.24967 17.65805 6.12797 22 17.05005 16.76541 15.93692 -5.93092 14-45112 13.16300 12.04158 9.60360 8.95012 7.83929 8.36492 23 17.33211 18.29220 736578 14.85684 16.44361 6.19823 500 13-48857 12.30338 200 9.81815 9.12855 8.51356 7.96333 7.46944 6.25933 24 18.91393 17.88499 16.93554 15.24696 13.79864 12.55036 12-55030 25 *** 10.01680 9.29224 8.64869 8.07507 7-56200 6.31246 25 19.52346 18.42438 17.41315 14.00204 15.62208 14.09394 12.78336 2737 9.44243 10.20074 8.77154 8.17574 26 14.37519 6.35866 20.12104 18.95061 19.00017 17.87684 7.64465 15.98277 --- 10/04 22 13.00317 14-37519 10.37106 9.58021 8.88322 8.26643 6.39884 27 20.70690 19.46401 7.71843 19.404 18.32703 16.32959 13.21052 14.64303 13.21053 200 32959 22819 10.52876 9.70661 28 8.98474 7.78432 6.43377 21.28127 8.34814 19.96489 18.76411 16.66306 - 14.89813 20 13-40616 +3.40010 10.67478 9.82258 9.07704 8.42174 6.46415 29 21.84438 20.45355 19.18845 7.84314 16.98371 1.231 15.14107 13-59072 20 10.80998 9.16095 9.92897 8.48806 6.49056 22.39646 30 19.60044 20.93029 15.37245 7.89566 17.29203 2009 13.76483 15-37245 2000 9.00044 10.93516 10.02658 8.54780 31 6.51353 9.23722 22.93770 20.00043 7.94255 21.39541 17.58849 13.92900 +7.50849 15-59281 00043 13.92909 210 32 . 11.05108 10.11613 9-30657 8.60162 7.98442 6.53351 32 23-46833 21.84918 20.300/7 20.38877 17.87355 15.80268 14.08404 23 11.15841 10.19828 9.36961 8.65011 33 1422022 6.55088 8.02181 23.98856 22.29188 20.76579 18.14765 16.00255 14.23023 014/05 24 sure 22.79970 11.25778 10.27365 9.42691 8.69379 8.05518 24-49859 34 14.36814 6.56598 22.72379 09379 22:7-379 21.13184 18.41120 16.19290 *** 25 11.34980 10.34280 9.47901 8.73315 6.57911 35 8.08499 24.99862 23.14516 21.48722 18.66461 21 16.37419 14.49825 20 14.49825 239 11.43500 10.40624 9.52638 8.76860 8.11159 6.59053 36 25.48884 23.55625 21.83225 18.90828 16.54685 10.54005 11.51389 10.46444 9.56943 8.80054 8.13535 6.60046 37 25.96945 23.95732 22.16724 19.14258 16.71129 14.73678 11.58693 10.51784 9.60858 8.82932 6.60910 38 8.15656 26.44064 24.34860 22.49246 19.36786 16.86789 20 14.84602 11.65457 10.56682 9.64416 39 8.85524 8.17550 6.61661 26.90259 24.73034 22.80822 19-58448 17.01704 14.94907 002 11.71719 10.61176 9.67651 8.87859 8.19241 6.62314 40 27-35548 25.10278 23.11477 19.79277 17.15909 15.04630 11.77518 10.65290 9.70592 8.89963 Ecoo 6.62882 8.20751 (n) 11.82887 10.69082 9.73265 8.91859 8.22099 6.63375 8% 9% 10% 11% 12% 15% Periods 11.87858 10.72552 9.75697 8.93567 8.23303 6.63805 .92593 91743 .90909 .90090 .89286 .86957 1 11.92461 10.75736 9.77905 8.95105 8.24378 6.64178 1.78326 1.75911 1.73554 1.71252 1.69005 1.62571 9 9 10 11 11 19 12 10 13 14 14 15 15 16 17 17 18 19 6.04716 20 21 22 23 24 25 26 27 28 29 30 15.00 14.62099 31 32 33 34 35 36 37 38 39 40 40 27 28 29 11.92461 10.75736 9.77905 8.95105 8.24378 6.64178 5. Present Value of an Annuity Due of 1 Table. Contains the amounts that must be deposited now at a specified rate of interest to permit withdrawals of 1 at the beginning of regular periodic intervals for the specified number of periods (Table 6.5). TABLE 6.5 Present Value of an Annuity Due of 1 1- PVF-AD, = 1+ 30 31 32 21.12104 21.70690 22.28127 22.84438 23-39646 23.93770 24.46833 24.98856 25-49859 25.99862 26.48884 26.96945 27.44064 27.90259 19.95061 20.46401 20.96489 21.45355 21.93029 22.39541 22.84918 23.29188 23.72379 24.14516 24-55625 24.95732 25-34860 25.73034 18.87684 19-32703 19.76411 20.18845 20.60044 21.00043 21.38877 21.76579 22.13184 22.48722 22.83225 23.16724 23.49246 23.80822 33 34 35 36 37 38 39 16.98277 17-32959 17.66306 17.98371 18.29203 18.58849 18.87355 19.14765 19.41120 19.66461 19.90828 20.14258 20.36786 20.58448 15.37519 15.64303 15.89813 16.14107 16.37245 16.59281 16.80268 17.00255 17.19290 17-37419 17-54685 17.71129 17.86789 18.01704 14.00317 14.21053 14.40616 14.59072 14.76483 14.92909 15.08404 15.23023 15-36814 15-49825 15.62099 15.73678 15.84602 15.94907 6% Periods 1 5% 1.00000 40 3 4 5 6 8% 10% (n) Periods 11% 1.00000 1 7 8 9 2 10 3 4 11 12 5 6 7 8 13 14 15 16 9 10 11 17 18 12 19 13 20 2% 1.00000 1.98039 2.94156 3.88388 4.80773 5-71346 6.60143 7.47199 8.32548 9.16224 9.98259 10.78685 11.57534 12.34837 13.10625 13.84926 14.57771 15.29187 15.99203 16.67846 17.35143 18.01121 18.65805 19.29220 19.91393 20.52346 21.12104 21.70690 22.28127 22.84438 23.39646 23.93770 24.46833 24.98856 25.49859 25.99862 26.48884 26.96945 27-44064 27.90259 212% 1.00000 1.97561 2.92742 3.85602 4.76197 5.64583 6.50813 7-34939 8.17014 8.97087 9.75206 10.51421 11.25776 11.98319 12.69091 13-38138 14.05500 14.71220 15-35336 15.97889 16.58916 17.18455 17.76541 18.33211 18.88499 19.42438 19.95061 20.46401 20.96489 21.45355 21.93029 22.39541 22.84918 23.29188 23.72379 24.14516 24-55625 24.95732 25-34860 25.73034 1.00000 1.97087 2.91347 3.82861 4.71710 5-57971 6.41719 7.23028 8.01969 8.78611 9.53020 10.25262 10.95400 11.63496 12.29607 12.93794 13-56110 14.16612 14.75351 15-32380 15.87747 16.41502 16.93692 17.44361 17.93554 18.41315 18.87684 19-32703 19.76411 20.18845 20.60044 21.00043 21.38877 21.76579 22.13184 22.48722 22.83225 23.16724 23.49246 23.80822 4% 1.00000 1.96154 2.88609 3-77509 4.62990 5-45182 6.24214 7.00205 7.73274 8.43533 9.11090 9.76048 10.38507 10.98565 11.56312 12.11839 12.65230 13.16567 13.65930 14.13394 14-59033 15.02916 15.45112 15.85684 16.24696 16.62208 16.98277 17-32959 17.66306 17.98371 18.29203 18.58849 18.87355 19.14765 19.41120 19.66461 19.90828 20.14258 20.36786 20.58448 1.00000 1.94340 2.83339 3.67301 4.46511 5.21236 5.91732 6.58238 7.20979 7.80169 8.36009 8.88687 9-38384 9.85268 10.29498 10.71225 11.10590 11.47726 11.82760 12.15812 12.46992 12.76408 13.04158 13.30338 13-55036 13.78336 14.00317 14.21053 14-40616 14-59072 14.76483 14.92909 15.08404 15.23023 15-36814 15-49825 15.62099 15.73678 15.84602 15.94907 1.95238 2.85941 3-72325 4-54595 5-32948 6.07569 6.78637 7-46321 8.10782 8.72173 9-30641 9.86325 10.39357 10.89864 11.37966 11.83777 12.27407 12.68959 13.08532 13.46221 13.82115 14.16300 14.48857 14.79864 15.09394 15.37519 15.64303 15.89813 16.14107 16.37245 16.59281 16.80268 17.00255 17.19290 17-37419 17-54685 17.71129 17.86789 18.01704 21 14 15 16 22 23 24 17 18 25 26 9% 1.00000 1.91743 2.75911 3.53130 4.23972 4.88965 5-48592 6.03295 6.53482 6.99525 7.41766 7.80519 8.16073 8.48690 8.78615 9.06069 9.31256 9.54363 9.75563 9.95012 10.12855 10.29224 10.44243 10.58021 10.70661 10.82258 10.92897 11.02658 11.11613 11.19828 11.27365 11.34280 11.40624 11.46444 11.51784 11.56682 11.61176 11.65299 11.69082 11.72552 1.00000 1.92593 2.78326 3-57710 4-31213 4.99271 5.62288 6.20637 6.74664 7.24689 7.71008 8.13896 8.53608 8.90378 9.24424 9.55948 9.85137 10.12164 10.37189 10.60360 10.81815 11.01680 11.20074 11.37106. 11.52876 11.67478 11.80998 11.93518 12.05108 12.15841 12.25778 12.34980 12.43500 12.51389 12.58693 12.65457 12.71719 12.77518 12.82887 12.87858 19 20 12% 1.00000 1.89286 2.69005 3.40183 4.03735 4.60478 5.11141 5.56376 5.96764 6.32825 6.65022 6.93770 7.19437 7.42355 7.62817 7.81086 7.97399 8.11963 8.24967 8.36578 8.46944 8.56200 8.64465 8.71843 8.78432 8.84314 8.89566 8.94255 8.98442 9.02181 9.05518 9.08499 9.11159 9.13535 9.15656 9.17550 9.19241 9.20751 9.22099 9.23303 1.00000 1.90909 2.73554 3.48685 4.16986 4.79079 5-35526 5.86842 6.33493 6.75902 7.14457 7.49506 7.81369 8.10336 8.36669 8.60608 8.82371 9.02155 9.20141 9-36492 9-51356 9.64869 9.77154 9.88322 9.98474 10.07704 10.16095 10.23722 10.30657 10.36961 10.42691 10.47901 10.52638 10.56943 10.60858 10.64416 10.67651 10.70592 10.73265 10.75697 15% 1.00000 1.86957 2.62571 3.28323 3.85498 4.35216 4.78448 5.16042 5.48732 5.77158 6.01877 6.23371 6.42062 6.58315 6.72448 6.84737 6.95424 7.04716 7.12797 7.19823 7.25933 7-31246 7-35866 7-39884 7-43377 7.46415 7.49056 7.51353 7-53351 7-55088 7-56598 7-57911 7.59053 7.60046 7.60910 7.61661 7.62314 7.62882 7.63375 7.63805 1.90090 2.71252 3.44371 4.10245 4.69590 5.23054 5.71220 6.14612 6.53705 6.88923 7.20652 7.49236 7.74987 7.98187 8.19087 8.37916 8.54879 8.70162 8.83929 8.96333 9.07507 9.17574 9.26643 9.34814 9.42174 9.48806 9.54780 9.60162 9.65011 9.69379 9.73315 9.76860 9.80054 9.82932 9.85524 9.87859 9.89963 9.91859 9.93567 27 28 21 22 29 30 23 24 25 26 31 32 33 34 35 36 37 38 39 40 27 28 29 30 31 32 33 34 35 36 37 38 39 40 (n) Periods 9% 10% 11% 12% 15% 1.00000 1 2 8% 1.00000 1.92593 2.78326 3-57710 4.31213 1.00000 1.90909 2.73554 3.48685 4.16986 1.91743 2.75911 3-53130 4.23972 1.00000 1.90090 2.71252 3.44371 4.10245 1.00000 1.89286 2.69005 3-40183 4.03735 1.00000 1.86957 2.62571 3.28323 3.85498 3 4 5