Question $28$

$12$ pts

AT&T Corporation issued $10-$year bonds with a par value of $$400,000$ on $\frac{1}{1}\frac{?}{2024}.$ The stated rate of interest for the bonds was $8\%$ and interest is paid once per year on December $31.$ At the time of issue, the market rate of interest was $6\%.$

The following is a summary of present value table information you may need:

$\backslash$table$[[$Present Value $($of $1$ payment$),$Present Value of Annuity$],[$PV: $3\%$ for $10$ periods $=\mathrm{.}7441,$PVA: $3\%$ for $10$ periods $=8\mathrm{.}5302$