When Patey Pontoons issued 4% bonds on January 1, 2021, with a face amount of $740,000, the market yield for bonds of similar risk and maturity was 5%. The bonds mature on December 31, 2024 (4 years). Interest is paid semiannually on June 30 and December 31. Required: 1. Determine the price of the bonds at January 1, 2021.

X Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Reg 4 Reg 5 and 6 Req 7 Determine the price of the bonds at January 1, 2021. (Round final answers to the nearest whole dollar.) Table values are based on: n = 8 i = 2.5 % Cash Flow Amount Interest $ $ 740,000 x 14,800 Present Value 607,355 X 106,118 X 713,473 Principal $ Price of bonds $