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What is the issue price of the bonds

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Reference no: EM132881040

At the beginning of current year, Colt Company issued ten-year bonds with a face amount of P5,000,000 and a stated interest rate of 8% payable annually at every year-end. The bonds were priced to yield 10%. PV of 1 for 10 periods at 10% 0.3855 PV for an ordinary annuity for 1 for 10 per. at 10% 6.145

Problem 1: What is the issue price of the bonds?

a. 5,000,000
b. 1,927,500
c. 5,614,500
d. 4,385,500

Reference no: EM132881040

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