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Problem - Eleanor issued P10,000,000 of 10% bonds on July 1, 2008. The prevailing market rate of interest for these bonds was 12% on the date of issue. The bonds will mature on July 1, 2018. Interest is paid semiannually on July 1 and January 1. Eleanor uses the effective interest rate method bond premium or discount.
The following present value factors are taken from the present value tables:
Present value of 1 at 12% for 10 periods .32917
Present value of 1 at 6% for 20 periods .31180
Present value of an ordinary annuity of 1 at 12% for 10 periods 5.65022
Present value of an ordinary annuity of 1 at 6% for 20 periods 11.46992
How much was received by Eleanor from the sale of bonds on July 1, 2008?
a. P 8,852,960
b. P 10,000,000
c. P 10,500,000
d. P 10,647,040
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