Question
Pinder Co. produces and sells high-quality video equipment. To finance its operations, Pinder issued $22,000,000 of three-year, 8% bonds, with interest payable semiannually, at a
Pinder Co. produces and sells high-quality video equipment. To finance its operations, Pinder issued $22,000,000 of three-year, 8% bonds, with interest payable semiannually, at a market (effective) interest rate of 10%.
Determine the present value of the bonds payable. Round your answer to the nearest dollar. $_____________________
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Financial Accounting Tools For Business Decision-Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
2nd Canadian Edition
0470833378, 978-0470833377
