ON JANUARY 1, 2018 LANCE CO. ISSUED FIVE-YEAR BONDS WITH A FACE VALUE OF $500,000 AND A STATED INTEREST RATE OF 12% PAYABLE SEMI-ANNUALLY ON JULY 1 AND JANUARY 1. THE BONDS WERE SOLD TO YIELD 10%. PRESENT VALUE TABLE FACTORS ARE: PRESENT VALUE OF 1 FOR 5 PERIODS AT 10% PRESENT VALUE OF 1 FOR 5 PERIODS AT 12% PRESENT VALUE OF 1 FOR 10 PERIODS AT 5% PRESENT VALUE OF 1 FOR 10 PERIODS AT 6% PRESENT VALUE OF AN ORDINARY ANNUITY OF 1 FOR 5 PERIODS AT 10% PRESENT VALUE OF AN ORDINARY ANNUITY OF 1 FOR 5 PERIODS AT 12% PRESENT VALUE OF AN ORDINARY ANNUITY OF 1 FOR 10 PERIODS AT 5% PRESENT VALUE OF AN ORDINARY ANNUITY OF 1 FOR 10 PERIODS AT 6% (.62092) (.56743) (.61391) (.55839) (3.79079) (3.60478) (7.72173) (7.36009) INSTRUCTIONS CALCULATE THE PRESENT VALUE (ISSUE PRICE) OF THE BONDS