Exercise $9-21($Algo$)$ Calculate the issue price of bonds $($LO$9-7)$

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On January $1,2024,$ Tropical World issues $$40\mathrm{.}5$ million of $7\%$ bonds, due in $10$ years, with interest payable semiannually on June $30$ and December $31$ each year. The proceeds will be used to build a new ride that combines a roller coaster, a water ride, a dark tunnel, and the great smell of outdoor barbeque, all in one ride.