Alvarez Corporation issued $200,000 par value, 10%, 4-year bonds (i.e., there were 200 of $1,000 par value bonds in the issue). Interest is payable semiannually each January 1 and July 1 with the first interest payment due at the end of the period on July 1. Determine the issue price of the bonds if the market rate of interest is 8% Future Value of $1 table Future Value of an Ordinary Annuity table Future Value of an Annuity Due table Present Value of $1 table Present Value of an Ordinary Annuity table Present Value of an Annuity Due table . Determine the issue price of the bonds. (Use the present value and future value tables, the formula method, a financial calculator, or a spreadsheet for your calculations. If using present and future value tables or the formula method, use factor amounts rounded to five decimal places, X.XXXXX. Round your final answers to the nearest whole dollar.) The issue price of the bonds = Future value of $1 14% 1.14000 15% 1.15000 1.29960 1.32250 1.48154 1.52088 1.68896 1.74901 1.92541 20113 5 on Future Value of $1 Periods 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% Period 1.01000 1.02000 1.03000 1.04000 1.05000 1.06000 1.07000 1.08000 1.09000 1.10000 1.11000 1.12000 1.13000 1 Period 1.020101.040401.06090 1.08160 1.10250 1.12360 1.14490 1.16640 1.18810 1.21000 1.23210 1.25440 1.276901 2 Period 1.030301.061211.09273 1.12486 1.15763|1.19102 1.22504 1 25971 1.29503 133100 1.36763 1.40493 1.44290 3 Period 1.040601.08243 1.12551 1.16986 1.21551 1.26248 1.31080 1.36049 1.41158 1.46410 1.51807 1.57352 1.63047 4 Period 1.051011.104081.15927 1.21665 1.27628| 1.33823 1.40255 1.46933 1.53862 1.61051 1.68506 1.76234 1.84244 5 Period 1.061521.126161.19405 1.26532 1.34010 1.41852 1.50073 1.58687 1.67710 1.77156 1.87041 1.97382 2.08195 6 Period 1.072141.148691.22987 1.31593 1.40710 1.50363 1.60578 1.71382 1.82804 1.94872 2.07616 2.21068 2.35261 7 Period 1.082861.171661.26677 1.36857 1.47746 1.59385 1.71819 1.85093 1.99256 2.14359 230454 2.47596 2.65844 8 Period 1.093691.195091.30477 1.42331 155133 1.68948 1.83846 1.99900 2.17189 2.35795 255804 2.77308 3.00404 9 Period 1.104621.218991.34392 1.48024 1.62889 1.79085 1.96715 2.15892 2.36736 2.59374 2.83942 3.10585 3.39457 10 Period 1.11567 1.24337 1.38423 1.53945 1.71034 1.89830 2.10485 2.33164 2.58043 2.85312 3.15176 3.47855 3.83586 2.19497 2.3130 2.50227 2.66002 2.85259 3.05902 3.25195 3.51788 3.70722 4.0455 4.22623 4.65239 Period 1.126831.268241.42576 1.60103 1.79586 201220 2.25219 251817 2.81266 3.13843 3.49845 3.89598 4 334521 4.81790 5.35025 Future value of an ordinary annuity 8% 1.000000 9% 1.000000 Future Value of an Ordinary Annuity 10% 11% 12% 13% 1.00000 1.000000 1.00000 1.000000 Periods 1% 2 3% 4% 5% 6% 7% Period 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.000000 1 Period 201000 2.02000 2.03000 2.04000 2.05000 2.06000 2.07000 2 Period 3.03010 3.06040 3.09090 3.12160 3.15250 3.18360 3.21490 2.08000 2.09000 2.10000 2.11000 2.120001 2.13000 3.24640 3.27810 3.31000 3.34210 3.37440 3.40690 3 4.84980 6.48027 8.32271 10.40466 Period 4.06040 4.12161 4.18363 424646 431013 4.37462 4.43994 4.50611 4.57313 4.64100 4.70973 4.77933 4 Period 5.10101 5.20404 5.30914 5.41632 5.52563 5.63709 5.75074 5.86660 5.98471 6.10510 6.22780 6.35285 5 Period 6.15202 6.30812 6.46841 6.63298 6.80191 6.97532 7.15329 7.33593 7.52333 7.71561 7.91286 8.11519 6 Period 7.21354 7.43428 7.66246 7.89829 8.14201 8.39384 8.65402 8.92280 9.200431 9.487171 9.78327 10.08901 7 Period 8 28567 8.58297 8.89234 9 21423 9.54911 9.89747 10.25980 10.63663 11.02847 11.43589 11.85943 12.29969 8 Period 9.36853 9.75463 10.15911 10.58280 11.02656 11.49132 11.97799 12.48756 13.02104 13.57948) 14.16397 14.77566 9 Period 10.46221 10.94972 11.46388 12.00611 12.57789 13.18079 13.81645 14.48656 15.19293 15.93742 16.72201 17.54874 10 Period 11.56683) 12.16872 12.80780 13.48635 14.20679 14.97164 15.78360 16.64549 17.56029 18.53117 19.56143 20.65458 11 Period 1268250 13.41209 14.19203 15.02581 15.91713 16.86994 17.88845 18.97713 20.14072 21.38428 22.71319 24.13313 12.75726 15.41571 18.41975) 21.81432 25.65018 Future value of an annuity due Future Value of an Annuity Due Periods 1% 291 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% Period 101000 1.02000 1.03000 1.04000 1.05000 1.06000 1.07000) 1.08000 1.09000 1.10000 1.110001 1.12000 1.13000 1 Period 203010 2.06040 2.09090 2.12160 2.15250 2.18360 2.21490 2.24640 2.27810 2.31000 2.34210 2.37440 2.406901 2 Period 3.06040 3.12161 3.18363 3 24646 3.31013 337462 3.43994 3.50611 3.57313 3.64100 3.70973 3.77933 3.84980 3 Period 4.10101 4.20404 4.30914 4.41632 4.52563 4.63709 4.75074 486660 498471 5.10510 5.22780 5.35285 5.48027 4 Period 5.15202 5.308125.46841 5.63298 5.80191 5.97532 6.15329 6.33593 6.52333 6.71561 6.91286 7.11519 7.32271 5 Period 621354 6.43428 6.662466.89829 7.14201 7.39384 7.65402|| 7.92280 8.20043 8.48717 8.78327 9.08901 9.40466 6 Period 7.28567 7.58297 7.89234 821423 8.54911 8.89747 9.25980 9.63663 10.02847 10.43589 10.85943) 11.29969 11.75726 7 Period 8.36853 8.75463 9.15911 9.58280 10.02656 10.49132 10.97799 11.48756 12.02104 12.57948 13.16397 13.77566|| 14.415710 8 Period 9.46221 9.94972 10.46388 11.00611 11.57789 12.18079 12.81645 13.48656 14.19293 14.93742| 15.72201 16.54874 17.41975 9 Period 10.56683 11.16872 11.80780 12.48635 13.20679 13.97164 14.78360 15.64549 16.56029 17.53117 18.56143 19.65458 20.81432 10 Period 11.68250 12.41209 13.19203 14.02581 14.91713 15.86994 16.88845 17.97713 19.14072 20.3842821.71319 23.13313 24.65018 11 Period 12.8093313.68033 14.61779 15.62684 16.71298 17.88214 19.14064 20.49530 21.95338) 23.52271 25.21164 27.02911 28.984701 Present value of $1 Present Value of $1 Periods 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% Period 10.99010 0.98039 0.97087 0.96154 0.95238 0.94340 0.93458 0.92593 0.91743 0.90909 0.90090 0.89286 0.88496 0.87719 0.86957| Period 20.98030 0.96117 0.94260 0.92456 0.90703 0.89000 0.87344 0.85734 0.84168 0.82645 0.81162 0.79719 0.78315 0.76947 0.75614 Period 30.97059 0.94232 0.91514 0.88900 0.86384 0.83962 0.81630 0.79383 0.77218 0.75131 0.73119 0.71178 0.69305 0.67497 0.65752 Period 40.96098 0.92385 0.88849 0.85480 0.82270 0.79209 0.76290 0.73503 0.70843 0.68301 0.65873 0.63552 0.61332 0.59208 0.57175 Period 5 0.951470.90573 0.86261 0.82193 0.78353 0.74726 0.71299 0.68058 0.64993 0.62092 0.59345 0.56743 0.54276 0.51937 0.49718 Period 60.94205 0.88797 0.83748 0.79031 0.74622 0.70496 0.66634 0.63017 0.59627 0.56447 0.53464 0.50663 0.48032 0.45559 0.43233 Period 70.93272 0.87056 0.81309 0.75992 0.71068 0.66506 0.62275 0.58349 0.54703 0.51316 0.48166 0.45235 0.42506 0.39964 0.37594 Period 8 0.92348 0.85349 0.78941 0.73069 0.67684 0.62741 0.58201 0.54027 0.50187 0.46651 0.43393 0.40388 0.37616 0.35056 0.32690 Period 90.914340.83676 0.76642 0.70259 0.64461 0.59190 0.54393 0.50025 0.46043 0.42410 0.39092 0.36061 0.33288 0.30751 0.28426 Period 100.90529 0.82035 0.74409 0.67556 0.61391 0.55839 0.50835 0.46319 0.42241 0.38554 0.35218 0.32197 0.29459 0.26974 0.24718 Period 110.89632 0.80426 0.72242 0.64958 0.58468 0.52679 0.47509 0.42888 0.38753 0.35049 0.31728 0.28748 0.26070 0.23662 0.21494 Period 12 0.88745 0.78849 0.70138 0.62460 0.55684 0.49697 0.44401 0.39711 0.35553 0.31863 0.28584 0.25668 0.23071 0.20756 0.18691 Period 13 0.878660.77303 0.68095 0.60057 0.53032 0.46884 0.41496 0.36770 0.32618 0.28966 0.25751 0.22917 0.20416 0.18207 0.16253 Period 140.86996 0.75788 0.66112 0.57748 0.50507 0.44230 0.38782 0.34046 0.29925 0.26333 0.23199 0.20462 0.18068 0.15971 0.14133 Period 15 0.861350.74301 0.64186 0.55526 0.48102 0.41727 0.36245 0.31524 0.27454 0.23939 0.20900 0.18270 0.15989 0.14010 0.12289 Period 160.85282 0.72845 0.62317 0.53391 0.45811 0.39365 0.33873 0.29189 0.25187 0.21763 0.18829 0.16312 0.14150 0.12289 0.10686 Period 170.84438 0.71416 0.60502 0.51337 0.43630 0.37136 0.31657 0.27027 0.23107 0.19784 0.16963 0.14564 0.12522 0.10780 0.09293 Period 18 0.83602 0.70016 0.587390.49363 0.41552 0.35034 0.29586 0.25025 0.21199 0.17986 0.15282 0.13004 0.11081 0.09456 0.08081 Period 190.827740.68643 0.57029 0.47464 0.39573 0.33051 0.27651 0.23171 0.19449 0.16351 0.13768 0.11611 0.09806 0.08295 0.07027 Period 200.819540.67297 0.55368 0.45639 0.37689 0.31180 0.25842 0.21455 0.17843 0.14864 0.12403 0.10367 0.08678 0.07276 0.06110 Period 250.779770.60953 0.47761 0.37512 0.29530 0.233000.18425 0.14602 0.11597 0.09230 0.07361 0.05882 0.04710 0.03779 0.03038 Present value of an ordinary annuity 8/4 Present Value of an Ordinary Annuity Periods 1% 2 3% 49 5% 6% 7% 9% 10% 11% 12% 13% 14% 15% Period 10.99010 0.98039 0.97087 0.96154 0.95238 0.94340 0.93458 0.92593 0.91743 0.90909 0.90090 0.89286 0.88496 0.87719 0.86957 Period 2 1.97040 1.94156 1.91347 1.88609 1.85941 1.83339 1.80802 1.78326 1.75911 1.73554 1.71252 1.69005 1.668101.64666 1.62571 Period 3 294099288388 2.82861 2.77509 272325 2.67301 2.62432 257710 253129 2.486852.44371 2.40183 236115232163 228323 Period 4 3.90197 3.80773 3.71710 3.62990 3.54595 3.46511 3.38721 3.31213 3.23972 3.16987 3.10245 3.037352.97447291371 285498 Period 5 485343 4.71346 4.57971 4.45182 4.32948 4.21236 4.10020 3.99271 3.88965 3.79079 3.69590 3.60478 3.517233.43308335216 Period 65.79548 5.60143 5.41719 5.24214 5.07569 4.91732 4.76654 4.62288 4.48592 4.35526 423054 4.11141 3.99755 3.88867 3.78448 Period 76.72819 6.47199 6.23028 6.00205 5.78637 5.58238 5.38929 5 20637 5.03295 4.86842471220 4563764.42261 4.28830 416042|| Period 87.65168732548 7.01969 6.73274 6.46321 6.20979 5.97130 5.74664 5.53482 5.334935.14612 4.96764 4.79877 4.63886 4.48732 Period 98.56602 8.16224 7.78611 7.43533 7.10782 6.80169 6.51523 6.24689 5.99525 5.75902 5.53705 5.32825 5.13166 4.94637 4.77158 Period 10 9.47130 8.98259 8.53020 8.11090 7.721737.36009 7.02358 6.71008 6.417666.14457 5.88923 5.65022 5.42624 5.21612 5.01877| Period 11 10.36763 9.78685 9.25262 8.76048 8.30641 7.88687 7.49867 7.13896 6.805196.49506 6.20652 5.93770 5.68694 5.45273 5 23371 Period 12 11.2550810.57534 9.95400 9.38507 8.86325 8.38384 7.94269 7.53608 7.160736.813696.49236 6.19437 5.91765 5.66029 5.42062 Period 13 12 13374 11.34837 10.63496 9.98565 939357 8.85268 8.35765 7.90378 7.486907.10336 6.749876.42355 6.121815.84236 5.58315 Period 14 13.00370 12.10625 11.2960710.56312 9.89864 9.29498 8.745478 24424 7.786157.36669 6.98187 6.62817 6.302496.00207 5.72448 Period 1513.8650512.84926 11.93794 11.11839 10.37966 9.71225 9.10791 8.55948 8060697.60608 7.190876.810866.46238 6.14217 5.84737| Period 161471787 13.57771 12.56110 11.65230 10.83777 10.105909.44665 885137 8.312567.823717.37916 6.97399 6.60388 6.26506 5.95423 Period 1715562251429187 13.1661212.16567 11.2740710.47726 9.76322 9.12164 8.54363 8.02155 7.54879 7.11963 6.729096.37286 6.04716 Period 18 16.39827 14.99203 13.7535112.65930 11.68959 10.82760 10.05909 9.37189 8.75563 8.20141 7.70162 7.24967 6.839916.46742 6.12797 Period 1917 2260115.678461432380 13.13394 12.08532 11.15812 10.33560 9.60360 8.95011 8.36492 7.839297.365786.93797 6.55037 6.19823 Period 2018045551635143 14.87747 13.59033 12.46221 11.4699210.59401 981815 9.12855 8.51356 7.96333 7.46944 7.02475 6.62313 6.25933 Period 25 22 02316|19.52346 17.4131515.62208 14.0939412.7833611.65358 10.67478 9.82258 9.07704 8.421747.84314 7.32998 6.87293 6.46415 Present value of an annuity due 15% Present Value of an Annuity Due Periods 1% 2% 3% 4% 5 6% 7% 8% 9% 10% 11% 12% 13% 14% Period 11.00000 1.00000 1.00000 1.00000 100000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 100000] Period 2 1.99010 1.98039 1.97087 1.96154 1.95238 1.94340 1.93458 1.92593 1.91743 1.90909 1.90090 1.89286 1.88496 1.87719 1.86957 Period 3 2.97040 2.94156 2.91347 2.88609 2.85941 283339 2.80802 2.78326 2.75911 2.73554 2.71252 2690052.668102.64666262571 Period 4 3.94099 3.88388 3.82861 3.77509 3.72325 3.67301 3.62432 3.57710 353129 3.48685 3.44371 3.40183 3.36115 3.32163 3.28323 Period 5 4.90197 4.80773 4.71710 4.62990 4.54595 4.46511 4.38721 4.31213 423972| 4.16987 4.10245 4.03735 3.97447 3.91371 3.85498 Period 65.85343 5.71346 5.57971 5.45182 532948 5.21236 5.10020 4.99271 4.88965 4.79079 4.69590 4.60478 4.51723 4.43308 4.35216 Period 76.79548 6.60143 6.41719 6.24214 6.07569 5.91732 5.76654 5.62288 5.48592535526 5.23054 5.11141 4.99755 4.88867 4.78448 Period 87.72819 7.47199 7.23028 7.00205 6.78637 6.58238 6.389296.20637 6.03295 5.86842 5.712205563765.42261 5.28830 5.16042 Period 9 8.65168 8.32548 8.01969 7.73274 7.46321 7.20979 6.97130 6.74664 6.53482 6.33493 6.14612 5.967645.79877 5.638865.48732 Period 10 956602 9.16224 8.78611 8.43533 8.10782 7.80169751523 7.24689 6.99525 6.75902 6.53705 6.32825 6.131665.94637 5.77158 Period 1110.471309.98259 9.53020 9.11090 8.72173 8.36009 8.02358 7.71008 741766 7.14457 6.88923 6.65022 6.42624 6.216126.01877 Period 12 11.3676310.7868510.25262 9.76048 9.30641 8.88687 8.49867 8.13896 7.80519 7.49506 7.20652 6.93770 6.68694 6.45273 623371 Period 131225508 11.57534 10.95400 10.38507 9.86325 938384 8.94269 8.53608 8.16073 7.813697.49236| 7.19437 6.917656.66029 6.42062 Period 1413.13374 12.34837 11.6349610.98565 10.39357 9.85268 9.35765 8.90378 8.48690 8.10336 7.74987 7.42355 7.121816.84236 6.58315 Period 15 14.00370 13.10625 12.29607 11.56312 10.89864 10.294989.74547 9.24424 8.78615 8.366697.98187 7.62817 7 302497.00207 6.72448 Period 16 14.8650513.84926 12.93794 12 11839 11.3796610.71225 10.10791 9.55948 9.06069 860608 8.19087 7.81086 7.46238 7.14217 6.84737 Period 1715.7178714.57771 13.56110 12.65230 11.83777 11.105901044665 9.85137) 9.31256 8.82371 8.37916 7.973997.60388 7.26506 6.95423 Period 18 16.562251529187 14.16612 13.16567 12.27407 11.47726 10.76322 10.12164 9.54363 9.02155 8.54879 8.11963 7.729097.372867.04716 Period 1917 3982715.9920314.75351 13.65930 12.6895911.82760 11.05909 10.37189 9.75563 920141 8.70162 8 24967 7.83991 7.46742 7.12797 Period 20 182260116.6784615.32380 14.13394 13.08532 12.15812 11.33560 10.60360 9.95011 9.36492 8.83929 8.36578 7.93797 7.55037 7.19823 Period 25 22 2433919.9139317.93554 16.24696 14.79864 13.5503612.46933 11.52876 10.70661 9.98474 9.34814 8.78432 8.28288 7.83514 7.43377