Jimenez Enterprises issued 9%, 8-year, $2,600,000 par value bonds that pay interest semiannually on October 1 and April 1. The bonds are dated April 1, 2014, and are issued on that date. The discount rate of interest for such bonds on April 1, 2014, is 10%.

What cash proceeds did Jimenez receive from issuance of the bonds?

Future Value of 1: 1.21000

Future Value of an Annuity of 1: 2.10000

Present Value of 1: .82645

Present Value of an Annuity of 1: 1.73554