Crane Company issues $5040000, 7%, 5-year bonds dated January 1, 2020 on January 1, 2020. The bonds pay interest semiannually on June 30 and December 31. The bonds are issued to yield 6%. What are the proceeds from the bond issue?

ff 3.0% 3.5% 6% 7%

Present value of a single sum for 5 periods

0.86261

0.84197 0.74726 0.71299

Present value of a single sum for 10 periods 0.74409 0.70892 0.55839 0.50835

Present value of an annuity for 5 periods 4.57971 4.51505 4.21236 4.10020

Present value of an annuity for 10 periods 8.53020 8.31661 7.36009 7.02358

$5253441

$5252626

$5254941

$5040000