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A company issued 4%, 20-year bonds with a face amount of $60 million. The market yield for bonds of similar risk and maturity is 6%.
A company issued 4%, 20-year bonds with a face amount of $60 million. The market yield for bonds of similar risk and maturity is 6%. Interest is paid semiannually. Calculate the issue price of the bonds. (Round to nearest dollar)
| A) | $60,000,000 |
| B) | $46,131,324 |
| C) | $73,869,048 |
D) None of the above
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