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Sheridan Company issues $25800000, 8%, 5-year bonds dated January 1, 2020 on January 1, 2020. The bonds pay interest semiannually on June 30 and December

Sheridan Company issues $25800000, 8%, 5-year bonds dated January 1, 2020 on January 1, 2020. The bonds pay interest semiannually on June 30 and December 31. The bonds are issued to yield 7%. What are the proceeds from the bond issue?

ff 3.5% 4.0% 7% 8%
Present value of a single sum for 5 periods

0.84197

0.82193 0.71299 0.68058
Present value of a single sum for 10 periods 0.70892 0.67556 0.50835 0.46319
Present value of an annuity for 5 periods 4.51505 4.45182 4.10020 3.99271
Present value of an annuity for 10 periods 8.31661 8.11090 7.02358 6.71008

$25800000

$26865373

$26861303

$26872878

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