On December 31, 2025, when the market interest rate is 16%, Hayden Corporation issues $100,000 of 9%, 4-year bonds payable. The bonds pay interest semiannually Determine the present value of the bonds at issuance View the Present Value of $1 table. View the Future Value of $1 table. View the Present Value of Ordinary Annuity of $1 table. View the Future Value of Ordinary Annuity of $1 table. Start by calculating the present value of the principal (Enter factor amounts to three decimal places, X.XXX.) Value Factor PV of principal Now calculate the present value of the stated interest. (Enter factor amounts to three decimal places, XXXX) Semiannual interest Value rate )x Factor x % ) x Finally, calculate the present value of bonds payable PV of principal + PV of stated interest PV of bonds payable PV of stated interest