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why is the correct answer not 120,000 but 122,000 ? Champion Enterprises issued 10-year bonds in the amount of $120,000 on October 1, 2016. The

why is the correct answer not 120,000 but 122,000 ? image text in transcribed
Champion Enterprises issued 10-year bonds in the amount of $120,000 on October 1, 2016. The bonds pay an annual rate of interest of 5%. Interest payments are made on June 1 and December 1 of each year. What is the amount of cash Champion would receive on October 1, 2016 upon the issuance of the bonds

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