Burr Motor Company, a manufacturer of small- to medium- sized electric motors, needs additional funds to market a revolutionary new motor. Burr has arranged for private placement of a $50,000, five-year, 11% bond issue. Interest on these bonds is paid semi-annually each year on June 30 and December 31. The bond issue is dated and sold on January 1,2020 , proceeds of $48,197.61 to yield 12%. Burr Motor