Determine the total interest expense for Year 1. Round to the nearest dollar. 3. 416,738 4. Will the bond proceeds always be less than the face amount of the bonds when the contract rate is less than the market rate of interest? Yes 5. Compute the price of $6,652,193 received for the bonds by using Exhibit 5 and Exhibit 7. (Round you PV values to 5 decimal places and the final answers to the nearest dollar.) Your total may vary slightly from the price given due to rounding differences. Present value of the face amount Present value of the semi-annual interest payments Price received for the bonds 646,726 6,989,793 Determine the total interest expense for Year 1. Round to the nearest dollar. 3. 416,738 4. Will the bond proceeds always be less than the face amount of the bonds when the contract rate is less than the market rate of interest? Yes 5. Compute the price of $6,652,193 received for the bonds by using Exhibit 5 and Exhibit 7. (Round you PV values to 5 decimal places and the final answers to the nearest dollar.) Your total may vary slightly from the price given due to rounding differences. Present value of the face amount Present value of the semi-annual interest payments Price received for the bonds 646,726 6,989,793