Pinder Co. produces and sells high-quality video equipment. To finance its operations, Pinder issued $30,000,000 of five-year, 8% bonds, with interest payable semiannually, at a market (effective) interest rate of 10%. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below.

Present value of bonds payable; discount
DATA
Face amount of bonds	$30,000,000
Contract rate of interest	8%
Term of bonds, years	5
Market rate of interest	10%
Interest payment	Semiannual
.