Brief Exercise 6-15

Buffalo Inc. issues $2,110,100 of 11% bonds due in 13 years with interest payable at year-end. The current market rate of interest for bonds of similar risk is 12%. What amount will Buffalo receive when it issues the bonds? (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 458,581.)

Amount received by Buffalo when bonds were issued?