Rodgers Corporation produces and sells football equipment. On July 1, Year 1, Rodgers Corporation issued $80,000,000 of 10-year, 11% bonds at a market (effective) interest rate of 9%, receiving cash of $90,406,136. Interest on the bonds is payable seminannually on Dec 31 and June 30. The fiscal year of the company is the calendar year.

5. Compute the price of $90,406,136 received for the bonds by using the table 1, table 2, table 3, table 4. Round to the nearest dollar.

Present value of the face amount:

Present value of the semiannual interest payments:

Price received for the bonds: