Determine the present value of the bonds payable

Reference no: EM132654116

Question - Present value of bonds payable; premium

Herbst Co. issued $80,000,000 of five-year, 13% bonds with interest payable semiannually, at a market (effective) interest rate of 11%. Determine the present value of the bonds payable, using the present value tables in Exhibits 4 and 5. Round to the nearest dollar.

Reference no: EM132654116

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