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Present Value of Bonds Payable; Discount Plinder Co. produces and sells high-quality video equipment. To finance its operations, Plnder Co. Issued $25,000,000 of five year,

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Present Value of Bonds Payable; Discount Plinder Co. produces and sells high-quality video equipment. To finance its operations, Plnder Co. 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 8 and Exhibit 10. Round to the nearest dollar. $

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