On January 1, 2019, Ellison Co. issued eight-year bonds with a face value of 1,000,000 and a stated interest rate of 6%, payable semiannually on June 30 and December 31. The bonds were sold to yield 8%. Table values are: Present value of 1 for 8 periods at 6%.. .627 Present value of 1 for 8 periods at 8%... .540 Present value of 1 for 16 periods at 3%.. .623 Present value of 1 for 16 periods at 4%.. .534 Present value of annuity for 8 periods at 6%.. 6.210 Present value of annuity for 8 periods at 8%.. Present value of annuity for 16 periods at 3%.. Present value of annuity for 16 periods at 4%.. 5.747 12.561 11.652 The present value of the interest is