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Cullumber Cars Co. issued $1.84 million of 6%, 5-year bonds on January 1, 2021. The bonds were dated January 1 and pay interest annually.

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Cullumber Cars Co. issued $1.84 million of 6%, 5-year bonds on January 1, 2021. The bonds were dated January 1 and pay interest annually. The bonds are secured with real estate holdings. The market interest rate was 5% for these bonds. Cullumber has a calendar year end. 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 (b) Calculate the price of the bonds. (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round answer to O decimal places, e.g. 1,575.) Price of the bonds $ D

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