On January 1, year 1, ABC. Corp. issued bonds as follows: Face value $320000 Stated (or coupon) annual rate of interest 4 % Coupon is paid once annually. Market annual rate of interest 5 % Term in years 15 How much did the bond sell for? Round your answer to the nearest dollar. Answer: X (286785) Hide Feedback The bond price is PV Factor x Face Value + Face Value x Stated Interest rate x PV Annuity factor Since the bond pays interest annually, there is no need to half the interest rate and double the number of payments when selecting PV factors