Question
Rodgers Corporation produces and sells football equipment. On July 1, 2016, Rodgers Corporation issued $65,000,000 of 10-year, 12% bonds at a market (effective) interest rate
Rodgers Corporation produces and sells football equipment. On July 1, 2016, Rodgers Corporation issued $65,000,000 of 10-year, 12% bonds at a market (effective) interest rate of 10%, receiving cash of $73,100,469. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. 5. Compute the price of $73,100,469 received for the bonds by using the tables shown in Present Value Tables. (Round to the nearest dollar.) Present value of the face amount? Present value of the semiannual interest payments? Price received for the bonds
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