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A company issued 8%,10-year bonds with a face amount of $71 million. The market yield for bonds of similar risk and maturity is 9%. Interest
A company issued 8%,10-year bonds with a face amount of $71 million. The market yield for bonds of similar risk and maturity is 9%. Interest is paid semiannually. At what price did the bonds sell? Note: Do not round intermediate calculations and round you final answer to nearest whole dollar. Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1 ) Table 1 Future value of $1 TABLE 2 Present value of $1 Table 3 Future Value of an Ordinary Annuity of $1 Table 4 Present Value of an Ordinary Annuity of $1 Table 5 Future Value of an Annuity Due of $1 Table 6 Present Value of an Annuity Due of $1
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