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Question - On January 1, 2016, Haley Co. issued a ten-year bonds with a face amount of $4,000,000 and a standard interest rate of 8% payable annually on January 1. At the time of issuance, the market rate for bonds similar risk is 10%. Compound interest factors are as follows:
At 8%
At 10%
Present Value of 1 for 10 periods
0.463
0.386
Present value for an ordinary annuity of 1 for 10 periods
6.710
6.145
Future value of 1 for 10 periods
2.159
2.594
Future value of an ordinary annuity of 1 for 10 periods
14.487
15.937
Present value of an annuity due of 1 for 10 periods
7.247
6.759
Required -
1. What are your expectations for pricing of these bonds?
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