Question $10$ of $15$

Windsor Inc. manufactures cycling equipment. Recently, the company's vice$-$president of operations has requested construction of a new plant to meet the increasing demand for the company's bikes. After a careful evaluation of the request, the board of directors has decided to raise funds for the new plant by issuing $$2,290,000$ of $13\%$ term corporate bonds on March $1,2023,$ due on March $1,2037,$ with interest payaulle each March $1$ and September $1.$ At the time of issuance, the market interest rate for similar financial instruments is $12\%.$

$($a$)$

Z Your answer is incorrect.

As Windsor's controller, determine the selling price of the bonds. $($Round present value factor calculations to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and final answer to $0$ decimal places, e$.$g$.5,275.)$

Click here to view the factor table PRESENT VALUE OF $1.$

Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF $1.$

Selling price of the bonds

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