Nico issues $10 million, 6%, 5 year bonds on January 1 of FY 1. The bonds pay interest semiannually on June 30 and December 31. The effective interest or market rate is 5%. What are the bond proceeds or price? (Lesson 6.5) (Hint: When using semiannual interest, the interest rate should be halved, and the term is in semiannual periods and not years so double it!) 2.5% 3.0% 5.0% 6.0% PV of 1 for 5 periods .88385 .86261 .78353 .74726 PV of 1 for 10 periods .78120 .74409 .61391 .55839 PV of annuity for 5 periods 4.64583 4.57971 4.32948 4.21236 PV of annuity for 10 periods 8.75206 8.53020 7.72173 7.36009