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Red Corporation issued $8 million of 20-year, 8% bonds on April 1, year 1, at 98. Interest is paid on March 31 and September 30
Red Corporation issued $8 million of 20-year, 8% bonds on April 1, year 1, at 98. Interest is paid on March 31 and September 30 of each year, and all of the bonds mature on March 31, year 20. What is the issue price of the bonds?
$8,640,000
7,840,000
$7,980,000
$8,000,000
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