On December 31, 2018, when the market interest rate is 12%, Benson Realty issues $600,000 of 25%, 10-year bonds payable. The bonds pay interest semiannually. Determine the present value of the bonds at issuance.

The present value of the bonds at issuance amounts to $________

0.305 Present Value of $1 | Periods | 1% | 2% | 3% | 4% | 5% | 6% | 7% | 8% | 9% | 10% | 12% | 14% | 15% | 16% | 18% | 20% 0.990 | 0.980 | 0.971 | 0.962 | 0.952 | 0.943 | 0.935 | 0.926 | 0.917 0.909 | 0.893 | 0.877 | 0.870 | 0.862 | 0.847 | 0.833 0.980 0.961 | 0.943 | 0.925 | 0.907 | 0.890 | 0.873 | 0.857 | 0.842 0.826 0.797 | 0.769 | 0.756 | 0.743 | 0.718 | 0.694 0.971 0.942 | 0.915 | 0.889 0.864 | 10.840 | 0.816 | 0.794 | 0.72 0.751 0.712 | 0.675 0.658 | 0.641 | 0.609 10.579 0.961 0.924 | 0.888 | | 0.855 0.823 10.792 | 0.792 | 0.763 | | 0.735 | 0.708 0.683 10.636 | 0.592 10.572 | 0.552 | 0.516 0.482 0.951 0.906 | 0.863 10.822 0.784 10.747 0.713 | | 0.681 0.650 0.621 | 0.567 | | 0.519 0.497 | 0.476 | 0.437 0.402 0.942 0.888 | 0.837 10.790 | | 0.746 | 0.705 0.666 | 0.630 | 0.596 0.564 | 0.507 | 0.456 10.432 | 0.410 0.370 10.335 0.933 0.871 | 0.813 10.760 | 0.711 | | 0.665 0.623 10.583 10.547 0.513 | 0.452 | 0.400 10.376 10.354 0.314 | 0.279 0.923 0.853 | 0.789 | 10.731 10.677 | 0.627 0.582 10.540 10.502 0.467 | 0.404 | 0.351 0.327 0.266 10.233 0.914 0.837 | 0.76 | | 0.703 10.645 | 0.592 0.544 | 0.500 / | 0.460 0.424 | 0.361 10.308 0.284 | 0.263 0.225 0.194 0.905 0.820 | 0.74 | 0.676 10.614 0.558 0.508 | 0.463 | 0.422 0.386 | 0.322 10.270 0.247 0.227 0.191 10.162 0.896 0.804 | | 0.722 | 0.650 | 0.585 10.527 0.475 | 0.429 | 0.388 10.350 | | 0.287 | 0.237 0.215 10.195 | 0.162 10.135 0.768 10.701 | 0.625 | 0.557 | 0.497 0.444 | 0.397 | 0.356 10.319 | 0.257 0.187 0.168 0.137 | 0.112 0.773 0.681 | 0.601 | 0.530 | 0.469 0.415 | 0.368 | 0.326 | 0.290 0.229 0.163 0.145 0.116 | 0.093 1.870 0.758 10.661 | 0.577 | 0.505 10.442 0.388 | 0.340 | 0.299 | 0.263 | 0.205 | 0.160 | 0.141 | 0.125 | 0.099 | 0.078 0.743 | 0.642 | 0.555 | 0.481 | 0.417 0.362 | 0.315 | 0.275 | 0.239 | 0.183 | | 0.140 0.123 | 0.108 | 0.084 10.065 0.95 0.728 | 0.623 10.534 | 0.458 10.394 0.339 | 0.292 | 0.252 | 0.218 10.163 0.123 0.107 | 0.093 | 0.071 0.054 0.844 0.744 10.605 | 0.513 0.436 0.371 0.317 0.270 10.231 0.198 0.146 0.108 0.093 | 0.060 10.060 0.045 0.836 0.700 | 0.587 | 0.494 0.416 10.350 0.296 | 0.250 | 0.212 | 0.180 10.130 | 0.095 0.081 | 0.069 0.051 0.038 0.828 0.686 | 0.570 | 0.475 10.331 10.277 | 0.232 | 0.194 | 0.164 | 0.116 | | 0.083 | 0.070 | 0.060 | 0.043 | 0.820 | 0.673 | 0.554 | 0.456 | 0.377 | 0.312 | 0.258 | 0.215 | 0.178 | 0.149 | 0.104 | 0.073 | 0.061 | 0.051 | 0.037 | 0.026 1887 | 0.206 10.182 | 0.396 | 0.031 Periods 1% 1.010 1.020 1.030 1.041 1.051 1.062 1.072 1.083 1.094 1.105 1.116 1.127 1.138 1.149 1.161 1.173 1.184 1.196 1.208 1.220 12% 1.120 1.254 1.405 1.574 1.762 Future Value of $1 2% 3% 4% 5% | 6% | 7% 8% 9% 1.020 1.030 1.040 1.050 1.060 1.070 1.080 1.090 1.040 1.061 1.082 1.103 | 1.124 | 1.145 | 1.166 1.188 1.061 | 1.093 1.125 1.158 1.191 1.225 1.260 1.295 1.082 1.126 1.170 1.216 1.262 | 1.311 1.360 | 1.412 1.104 1.159 1.217 1.276 1.338 1.403 1.469 1.539 1.126 1.194 1.265 | 1.340 | 1.419 1.501 1.587 1.677 1.149 1.2301.316 1.407 1.504 1.606 1.714 1.828 1.172 1.267 1.369 1.477 | 1.594 1.718 1.851 1.993 1.195 | 1.305 1.423 1.551 1.689 | 1.838 1.999 2.172 | 1.219 1.344 1.480 1.629 1.791 1.967 2.159 2.367 1.243 1.384 1.539 1.710 1.898 2.105 2.332 2.580 1.268 1.426 1.601 1.796 2.012 2.252 2.518 2.813 1.294 1.469 1.665 1.886 2.133 2.410 2.720 3.066 1.319 1.513 1.732 1.980 2.261 2.579 2.937 3.342 1.346 1.558 1.801 2.079 2.397 2.759 3.172 3.642 1.373 1.605 1.873 2.183 2.952 3.426 3.970 1.400 1.653 1.948 2.292 2.693 3.159 3.700 4.328 1.428 1.702 2.026 2.407 2.854 3.380 3.996 4.717 1.457 1.754 2.107 2.527 3.026 3.617 4.316 5.142 1.486 1.806 2.191 2.653 3.207 3.870 4.661 5.604 10% 1.100 | 1.210 1.331 1.464 1.611 1.772 1.949 | 2.144 2.358 2.594 14% 1.140 1.300 1.482 1.689 | 1.925 | 2.195 2.502 2.853 3.252 3.707 4.226 4.818 5.492 6.261 7.138 8.137 9.276 10.58 12.06 13.74 15% 1.150 1.323 1.521 1.749 2.011 2.313 2.660 3.059 3.518 4.046 1.974 2.211 2.476 2.773 3.106 2.853 3.138 3.452 3.798 | 4.177 4.595 5.054 5.560 6.116 6.727 3.479 3.896 4.363 4.887 5.474 6.130 6.866 7.690 8.613 9.646 4.652 5.350 6.153 7.076 8.137 9.358 10.76 12.38 14.23 16.37 2.540 Periods 4.580 Present Value of Ordinary Annuity of $1 1% 2% 3% 4% 15% | 6% 7% 8% 9% 10% 12% 0.990 0.980 0.971 | 0.962 0.952 0.943 0.935 0.926 0.917 0.909 0.893 1.970 1.942 1.913 | 1.886 1.859 1.8331 .8081.783 1.759 1.736 1.690 2.941 2.884 2.829 2.775 2.723 2.673 2.624 2.577 2.531 | 2.487 2.402 3.902 3.808 3.717 3.630 3.546 3.465 3.387 3.312 3.240 3.170 3.037 4.853 4.713 4.452 4.329 4.212 4.100 3.993 3.890 3.791 3.605 5.795 5.601 5.417 5.242 5.076 4.917 4.767 | 4.623 4.486 4.355 | 4.111 6.728 6.4726.230 6.002 5.786 5.582 5.389 5.206 5.033 4.868 | 4.564 7.652 7.325 7.020 6.733 6.463 6.210 5.971 5.747 5.535 5.335 4.968 8.566 8.162 7.786 7.435 7.108 6.802 6.515 6.247 5.995 5.759 5.328 9.471 8.983 8.530 8.111 7.722 7.360 7.024 | 6.710 6.418 6.145 5.650 10.368 9.787 9.253 8.760 8.306 7.887 7.499 7.139 6.805 6.495 5.938 11.255 10.575 9.954 9.385 8.863 8.384 7.943 7.536 7.161 6.814 6.194 12.134 11.348 10.6359.986 9.394 8.853 8.358 7.904 7.487 7.103 6.424 13.004 12.106 11.296 10.563 9.899 9.295 8.745 8.244 7.786 7.3676.628 13.865 12.849 11.938 11.118 10.380 9.712 9.108 8.559 8.061 7.606 6.811 14.718 | 13.578 12.561 11.652 10.838 10.106 9.447 8.851 | 8.313 7.824 6.974 15.562 14.292 13.166 12.166 11.274 10.477 9.763 9.122 8.544 8.022 7.120 16.398 14.992 13.754 12.659 11.690 10.828 10.059 | 9.372 8.756 | 8.2017.250 17.226 15.678 14.324 13.134 12.085 11.158 10.336 9.604 8.950 8.365 7.366 18.046 16.351 14.877 13.590 12.462 | 11.470 10.594 | 9.818 9.129 8.514 7.469 14% 15% 16% 0.877 0.870 0.862 1.647 1.626 1.605 2.322 2.283 2.246 2.914 2.855 2.798 3.433 3.352 3.274 3.889 3.784 3.685 4.288 4.160 4.039 4.639 4.4874.344 4.946 | 4.772 4.607 5.216 5.019 4.833 5.453 5.234 5.029 5.660 5.421 5.197 5.842 5.342 6.002 5.468 6.142 5.847 5.575 6.265 5.954 5.669 | 6.373 6.047 5.749 6.467 6.128 5.818 6.550 6.198 5.877 6.623 6.259 5.929 18% 0.847 1.566 2.174 2.690 3.127 3.498 3.812 4.078 4.303 4.494 4.656 4.793 4.910 5.008 5.092 5.162 5.222 5.273 5.316 5.353 20% 0.833 1.528 2.106 2.589 2.991 3.326 3.605 3.837 4.031 4.192 4.327 4.439 4.533 4.611 4.675 4.730 4.775 4.812 4.844 4.870 5.583 5.724 Periods 14% 1.000 2.140 3.440 4.921 6.610 15% 1.000 2.150 3.473 4.993 6.742 1% 2% 1.000 1.000 2.010 2.020 3.030 3.060 4.060 4.122 5.101 5.204 6.152 6.308 7.214 7.434 8.286 8.583 9.369 | 9.755 10.46 10.95 12.17 12.68 13.41 13.81 14.68 14.95 15.97 16.10 17.29 17.26 18.64 18.43 20.01 19.61 21.41 20.81 22.84 22.02 24.30 Future Value of Ordinary Annuity of $1 3% 4% 5% 6% 7% 8% 9% 1.000 1.000 1.000 1.000 1.000 1.000 1.000 2.030 2.040 2.050 2.060 2.070 2.080 2.090 3.091 3.122 3.153 | 3.1843.215 3.246 3.278 4.184 4.246 4.310 4.375 4.440 4.506 4.573 5.309 5.416 5.526 5.637 5.751 5.867 5.985 6.468 6.633 6.802 6.975 | 7.153 7.336 7.523 7.662 7.898 8.142 8.394 8.654 8.923 9.200 8.892 | 9.214 9.549 9.897 10.260 10.64 11.03 10.16 10.58 | 11.03 | 11.49 11.98 12.49 13.02 11.46 12.01 12.58 13.18 13.82 14.49 15.19 | 12.81 13.49 14.21 14.97 15.78 16.65 17.56 14.19 15.03 15.92 16.87 17.89 18.98 20.14 15.62 16.63 17.71 18.88 20.14 21.50 22.95 | 17.09 18.29 19.60 21.02 22.55 24.21 26.02 18.60 20.02 21.58 23.28 25.13 27.15 29.36 20.16 21.82 23.66 25.67 27.89 30.32 | 33.00 21.76 23.70 25.84 28.21 30.84 33.75 36.97 23.41 25.65 28.13 30.91 34.00 37.45 41.30 25.12 | 37.38 41.45 | 46.02 26.87 29.7833.07 36.79 41.00 45.76 51.16 10% 12% 1.000 1.000 2.100 2.120 3.310 3.374 4.641 | 4.779 6.105 6.353 7.716 8.115 9.487 10.09 11.44 12.30 13.58 14.78 15.94 | 17.55 18.53 20.65 21.38 24.13 24.52 28.03 27.98 32.39 31.77 37.28 35.95 42.75 40.54 48.88 45.60 55.75 51.16 63.44 57.28 72.05 8.536 10.73 13.23 16.09 19.34 23.04 27.27 32.09 37.58 43.84 8.754 11.07 13.73 16.79 20.30 24.35 29.00 34.35 40.50 47.58 11.57 50.98 59.12 68.39 78.97 91.02 55.72 65.08 75.84 88.21 102.4