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How much cash did gff inc receive from the sale of the bond

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Problem 1: On January 1, 20X4, GFF Inc. issued (sold) $100,000 of 6% bonds that mature in five years. The bonds pay interest semi-annually on June 30 and December 31. The market rate of interest at time of issuance was 5%. How much cash did GFF Inc. receive from the sale of the bonds, rounded to the nearest dollar?

a) $ 84,557
b) $102,323
c) $104,376
d) $130,632

Reference no: EM132778179

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