Bonita Company issues $25900000, 4%, 5-year bonds dated January 1, 2020 on January 1, 2020. The bonds pay interest semiannually on June 30 and December 31. The bonds are issued to yield 3%. What are the proceeds from the bond issue?

	1.5%	2.0%	3%	4%
Present value of a single sum for 5 periods	0.92826	0.90573	0.86261	0.82193
Present value of a single sum for 10 periods	0.86167	0.82035	0.74409	0.67556
Present value of an annuity for 5 periods	4.78264	4.71346	4.57971	4.45182
Present value of an annuity for 10 periods	9.22218	8.98259	8.53020	8.11090