Landel corporation issued 1000000 of 10-year 9 bonds

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Landel Corporation issued $1,000,000 of 10-year, 9% bonds onJanuary 1, 2009. The bonds pay interest semiannually. How much didthe bonds sell for under each of the following situations?

a. The bonds sold to yield 8%, (i.e., the current market interestrate is 8%)

b. The bonds sold to yield 10%,(i.e., the current market interestrate is 10%)

Reference no: EM13481700

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