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cullumber products issued $3.06 million of 8% 5-year bonds on january 1 2017. the bonds were dated janjary 1 and pay interest annually. there is
cullumber products issued $3.06 million of 8% 5-year bonds on january 1 2017. the bonds were dated janjary 1 and pay interest annually. there is no collateral secured against the bonds and cullumber products may buy back the bonds at any time.the market interest rate was 9% for these bonds.cullumber has a calender year end. calculate the price of the bonds
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