Brief Exercise G-15

Cullumber Company is about to issue $331,400 of 10-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.)

In this case, how much can Cullumber expect to receive from the sale of these bonds?(Round answer to 0 decimal places, e.g. 2,575.)

Cullumbercan expect to receive $......................

$