Reference no: EM132738272
Question: On January 1, 2020 Lance Co. issued five-year bonds with a face value of $1,000,000 and a stated interest rate of 12% payable semiannually on July 1 and January 1. The bonds were sold to yield 10%.
Present value table factors are:Present value of 1 for 5 periods at 10% 0.62092
Present value of 1 for 5 periods at 12% 0.56743
Present value of 1 for 10 periods at 5% 0.61391
Present value of 1 for 10 periods at 6% 0.55839
Present value of an ordinary annuity of 1 for 5 periods at 10% 3.79079
Present value of an ordinary annuity of 1 for 5 periods at 12% 3.60478
Present value of an ordinary annuity of 1 for 10 periods at 5% 7.72173
Present value of an ordinary annuity of 1 for 10 periods at 6% 7.36009
Calculate the issue price of the bonds.
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