Present value of bonds payable; discount Pinder Co. produces and sells high-quality video equipment. To finance its operations, Pinder issued $22,000,000 of four-year, 7% bonds, with interest payable semiannually, at a market (effective) interest rate of 9%. 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. Open spreadsheet Determine the present value of the bonds payable. Round your answer to the nearest dollar. S Feedback Check My Work Remember, the selling price of a bond is the sum of the present values of the face amount of the bonds due at the maturity date and the periodic interest to be paid on the bonds. The market rate of interest is used to compute the present value of both the face amount and the periodic interest. Check My Work 2 more Check My Work uses remaining. Previous