Present Value of Bonds Payable; Discount Pinder Co produces and sells high-quality video equipment. To finance its operations Pinder issued $25,000,000 of five-year, 7% bonds, with interest payable semiannually at a market effective interest rate of 9% Determine the present value of the bonds payable, using the present value tables in Exhibit 5 and Exhibit 7. Round to the nearest dollar. 23,021,128