Determining the Proceeds from Bond Issues

Madison Corporation is authorized to issue $$470,000$ of $6-$year bonds dated June $30,$ Year $1,$ with a stated rate of interest of $11\%.$ Interest on the bonds is payable

semiannually, and the bonds are sold on June $30,$ Year $1.$

Required:

Determine the proceeds that the company will receive if it sells the following: $($Click here to access the tables to use with this exercise and round your answers to two

decimal places, if necessary.$)$

The bonds to yield $12\%$$

The bonds to yield $10\%$$