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What amount is the value of the net bonds payable

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Reference no: EM131784030

Problem

On January 1, 2016, the Washington Group issued $100,000 par value 5%, five-year bonds when the market rate of interest was 8%. Interest is payable annually on December 31. The following present value information is available:
5% 8%

5%

8%

Present value of $1 (n = 5)

0.78353

0.68058

Present value of an ordinary annuity (n = 5)

4.32948

3.99271

What amount is the value of the net bonds payable at the end of 2016?

Reference no: EM131784030

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