Reference no: EM132498519
On January 1, 2020, Cotton Corp. issued eight-year, 3% bonds with a face value of $600,000, with interest payable semi-annually on June 30 and December 31. The bonds were sold to yield 4%.
Table values are:
Present value of 1 for 8 periods at 3%.789
Present value of 1 for 8 periods at 4%.731
Present value of 1 for 16 periods at 1.5%.788
Present value of 1 for 16 periods at 2%.728
Present value of annuity for 8 periods at 3% 7.020
Present value of annuity for 8 periods at 2% 7.325
Present value of annuity for 16 periods at 1.5% 14.131
Present value of annuity for 16 periods at 2%13.578
Question 1: The issue price of the bonds is
Option 1: $559,002.
Option 2: $599,979.
Option 3: $570,450.
Option 4: $599,760.
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