Brief Exercise 6-15

Wildhorse Inc. issues $2,191,400of8% bonds due in14years with interest payable at year-end. The current market rate of interest for bonds of similar risk is9%.

PVF 14, 8% = 0.34046

PVF-OA 14, 8% = 8.24424

What amount will Wildhorse 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 Wildhorse when bonds were issued: $_____________