Knowledge Check

A bond issue of $6\%,7-$year bonds with a face value of $$46,500$ with interest payable annually on January $1.$ Market interest rate is $8\%.$ What is the present value of the bonds? $($For calculation purposes, use five decimal places as displayed in the factor table provided. Round your answers to $0$ decimal places $($e$.$g$.,5,275).)$

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Present value of interest payments

Present value of principal

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Present value of the bonds

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