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Present Value of Bonds Payable; Premium Mass Co. Issued $42,000,000 of five-year, 11% bonds, with interest payable semiannually, at a market (effective) interest rate

Present Value of Bonds Payable; Premium Mass Co. Issued $42,000,000 of five-year, 11% 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.

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