When Patey Pontoons issued 4% bonds on January 1, 2016, with a face amount of $580,000, the market yield for bonds of similar risk and maturity was 5%. The bonds mature December 31, 2019 (4 years). nterest is paid semiannually on June 30 and December 31 (FV of $1, PV of $1, FVA of $1, PVA of $1, Required: 1. Determine the price of the bonds at January 1, 2016 Table values are based on: 2.5% Cash Flow Amount Present Value Interest Principal Price of bonds