Brief Exercise 6-15

Clancey Inc. issues $2,150,700of7% bonds due in11years with interest payable at year-end. The current market rate of interest for bonds of similar risk is12%. (Use the tables below.)

What amount will Clancey 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 Clancey when bonds were issued

$