Q3

Carter Farms located in Georgia produces 30% of the country's peanuts. Carter Farms issued bonds on January 1, 2021 to raise capital. The bonds were for $5 million 10-years, 10% with interest paid annually. The following present value factors have been provided: PV of a $1 Time Period Interest PV of $1 Annuity 10 10% 0.386 6.140 10 18% 0.463 6.710 10 12% 10.322 5.650 If at the time of the issuance, if the market rate of interest was 8%, what was the amount of the price for the bonds? Fill in the blank. Omit $ sign