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How much did the investor pay for the purchase

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Question - On April 1st of the current fiscal year, a publicly-traded company issued 2,000 bonds each with a maturity value of $10,000 for a total maturity value of $20,000,000. They received a total of $18,600,000. Every bond sold for the same price. The stated annual interest rate for the bonds is 4% and interest is to be paid semi-annually on September 30th and March 31st. The bonds mature 10 years from the issue date. The issuing company uses the straight-line method of amortization and their fiscal year ends on December 31st.

An investor purchased five bonds each with a maturity value of $10,000 on April 1, the issue date. Not including any transaction costs, how much did the investor pay for the purchase of the five bonds?

Reference no: EM133118007

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