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On January 1, a company issues 7%, 5-year bonds with a par value of $800,000. The bonds pay semi-annual interest on June 30 and December
On January 1, a company issues 7%, 5-year bonds with a par value of $800,000. The bonds pay semi-annual interest on June 30 and December 31. On the issue date, the market rate of interest is 8%, and the bonds sell for $767,585. What is the bond carrying value after the 6th interest payment? Round your answer to 2 decimal points (to the penny).
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