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On May 1, 2017, Oriole Ltd. issued a series of bonds in order to raise money for some upcoming projects. The bonds had a face
On May 1, 2017, Oriole Ltd. issued a series of bonds in order to raise money for some upcoming projects. The bonds had a face value of $5,742,000 and matured in 10 years. Interest was payable at a face rate of 6% each April 30 and October 31. The bonds were issued to yield 7.0%.
Calculate the issue price of the bonds. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.)
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