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On January 1, 2021, Mania Enterprises issued 12% bonds dated January 1, 2021, with a face amount of $20.7 million. The bonds mature in 2030 (10 years). For bonds of similar risk and maturity, the market yield is 10%. Interest is paid semiannually on June 30 and December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided. Round your intermediate calculations to the nearest whole dollar.)

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Answer:

The answer is "$23,279,688".

Explanation:

                                     [tex]Total \ Amount \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ PV\ Factor \ of \ 5\% \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ PV\\\\[/tex]

[tex]\text{Payment of the interest}[/tex]   [tex]\$ 1,242,000 \ \ \ \ \ \ \ \ \ \ \ \ \ \ 12.46221\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$ 15,478,065[/tex]

[tex]\text{Quality Maturity }[/tex]            [tex]\$ 20,700,000 \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 0.37689 \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$ 7,801,623[/tex]

[tex]\text{Price of Bond} \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$ 23,279,688[/tex]

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