Present Value of Bonds Payable, Discount Pinder Co. produces and sells high-quality video equipment. To finance its operations, Pinder Hasund $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