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Pharoah Railroad Co. is about to issue $270,000 of 10-year bonds paying an 12% interest rate, with interest payable annually. The discount rate for


Pharoah Railroad Co. is about to issue $270,000 of 10-year bonds paying an 12% interest rate, with interest payable annually. The discount rate for such securities is 8%. Click here to view the factor table. How much can Pharoah expect to receive for the sale of these bonds? (For calculation purposes, use 5 decima places as displayed in the factor table provided. Round answer to O decimal places, e.g. 2,525.) Present value of bonds $

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