Crane Company is about to issue $150,000 of 9-year bonds that pay a 4.00% annual interest rate, with interest payable semi-annually. The market interest rate is 6%. How much can Crane expect to receive for the sale of these bonds? (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round final answer to 2 decimal places, e.g. 5,275.25.) Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1.

Expectation from sale of bonds

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