Ernie Banks, Inc. issues $50,000,000 in 8-year bonds on January 1, 2020 at 6%. The bonds pay interest semiannually and are sold at a price to yield 8 percent. How much does Ernie Banks receive when it issues the bonds on Janauary 1, 2020? Note: if you use the PV function in Excel or a financial calculator, you might obtain somewhat different values than those obtained using the table below. You should, however, still be able to identify the best answer.

	3%	4%	6%	8%
Present value of a single sum for 8 periods	0.78941	0.73069	0.62741	0.54027
Pesent value of a single sum for 16 periods	0.62317	0.53391	0.39365	0.29189
Present value of an ordinary annuity for 8 periods	7.01969	6.73274	6.20979	5.74664
Present value of an ordinary annuity for 16 preiods	12.56110	11.65230	10.10590	8.85137

		$44,253,420
		$44,173,950
		$45,642,870
		$50,000,000