Brief Exercise G-14

Crane Company is about to issue $251,800 of 7-year bonds paying an 8% interest rate, with interest payable semiannually. The discount rate for such securities is 12%.

Click here to view the factor table.

(For calculation purposes, use 5 decimal places as displayed in the factor table provided.)

How much can Crane expect to receive for the sale of these bonds?(Round answer to 0 decimal places, e.g. 2,525.)

Cranecan expect to receive $..........

$