SOLVE FOR REQUIREMENT $3$ ONLY! DO NOT SAY THE ANSWER IS $29400-$ THAT IS NOT CORRECT.

Williams Company is planning to issue $$490,000$ of $5\%,$ five$-$year bonds payable to borrow for a major expansion. The owner, Simon Williams, asks your advice on some related matters.

Read the requirements.

Requirement $1.$ Answer the following questions.

At what type of bond price will Williams Company have total interest expense equal to the cash

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a$.$ interest payments?

Under which type of bond price will Williams Company's total interest expense be greater than the

b$.$ cash interest payments?

If the market interest rate is $6\%,$ what type of bond price can Williams Company expect for the

c$.$ bonds?

Requirement $2.$ Compute the price of the bonds if the bonds are issued at $91.$

The price of the $$490,000$ bond issued at $91$ is

the straight$-$line method is used.$)$

If the $$490,000$ bonds are issued at $91,$ Williams Company will pay this amount of interest each year

$($Round your answers to the nearest whole dollar.$)$

Assuming that the straight$-$line method is used, Williams Company's interest expense for the first year will be