Time Value of Money Problem (10 points). On January 1, 2016, Haley Co. issued ten-year bonds with a face amount of $4,000,000 and a stated interest rate of 8% payable annually on January 1. At the time of issuance, the market rate for bonds of similar risk is 10%. Compound interest factors are as follows: At 8% 0.463 At 10% 0.386 6.710 6.145 2.159 2.594 Present value of 1 for 10 periods Present value of an ordinary annuity of 1 for 10 periods Future value of 1 for 10 periods Future value of an ordinary annuity of 1 for 10 periods Present value of an annuity due of 1 for 10 periods 14.487 15.937 7.247 6.759 Instructions: Discussions 1) Before performing calculations, discuss your expectation for the pricing of these bonds. 2) Calculate the selling price of the bonds. Show all work BIVAA. I. EE33X X 3 = - 2 TT 12pt - Paragraph ranraph - 9