Use the following tables to calculate the present value of a $391,000, 5%, 5-year bond that pays $19,550 ($391,000 5%) interest annually, if the market rate of interest is 10%.

Present Value of $1 at Compound Interest

Periods	5%	6%	7%	10%
1	0.95238	0.94340	0.93458	0.90909
2	0.90703	0.89000	0.87344	0.82645
3	0.86384	0.83962	0.81630	0.75131
4	0.82270	0.79209	0.76290	0.68301
5	0.78353	0.74726	0.71299	0.62092
6	0.74622	0.70496	0.66634	0.56447
7	0.71068	0.66506	0.62275	0.51316
8	0.67684	0.62741	0.58201	0.46651
9	0.64461	0.59190	0.54393	0.42410
10	0.61391	0.55839	0.50835	0.38554

Present Value of Annuity of $1 at Compound Interest

Periods	5%	6%	7%	10%
1	0.95238	0.94340	0.93458	0.90909
2	1.85941	1.83339	1.80802	1.73554
3	2.72325	2.67301	2.62432	2.48685
4	3.54595	3.46511	3.38721	3.16987
5	4.32948	4.21236	4.10020	3.79079
6	5.07569	4.91732	4.76654	4.35526
7	5.78637	5.58238	5.38929	4.86842
8	6.46321	6.20979	5.97130	5.33493
9	7.10782	6.80169	6.51523	5.75902
10	7.72173	7.36009	7.02358	6.14457

Round your intermediate calculations and final answer to the nearest whole dollar.

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