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A company issued 4%, 10-year bonds with a face amount of $78 million. The market yield for bonds of similar risk and maturity is 5%.

A company issued 4%, 10-year bonds with a face amount of $78 million. The market yield for bonds of similar risk and maturity is 5%. Interest is paid semiannually. At what price did the bonds sell? (FV of $1,PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided. Enter your answers in whole dollars.)

Table values are based on
n= X
i= X
Cashflow Amount Present value
Interest X X
Principle X X
Price of bonds X

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