Garcia Company issues 12.00%, 15-year bonds with a par value of $420,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 10.00%, which implies a selling price of 115 1/3.

Garcia C mpany issues 12.00%, 15-year bonds with a par value of $420,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 10.00%, which implies a selling price of 115 1/3. Confirm that the bonds' selling price is approximately correct. Use present value Table B.1 and Table B.3 in Appendix B. (Round all table values to 4 decimal places, and use the rounded table values in calculations. Round your other final answers to nearest whole dollar amount.) - Selling Price - 484,470 Present Value Par Value x Price 20,000115 1/3 Cash Flow $420,000 par (maturity) value $25,200 interest payment Price of Bond Difference due to rounding of table values Table Value