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Wildhorse Products Ltd. issued $3.02 million of 5%, 5-year bonds on January 1, 2024. The bonds were dated January 1 and pay interest annually. There
Wildhorse Products Ltd. issued $3.02 million of 5%, 5-year bonds on January 1, 2024. The bonds were dated January 1 and pay interest annually. There is no collateral secured against the bonds and Wildhorse Products may buy back the bonds at any time. The market interest rate was 6% for these bonds. Wildhorse has a calendar year-end. Calculate the price of the bonds. I already know the answer is 2892792. But don't know how ? Please do the calculation for me. It's really urgent.
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