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Sheridan Corporation issues $470,000of9% bonds, due in9years, with interest payable semiannually. At the time of issue, the market rate for such bonds is10%. Compute the
Sheridan Corporation issues $470,000of9% bonds, due in9years, with interest payable semiannually. At the time of issue, the market rate for such bonds is10%.
Compute the issue price of the bonds. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971.)
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