Stevens Company Is About to Issue $400,000 of 10-Year Bonds

question 80

Short Answer

Stevens Company is about to issue $400,000 of 10-year bonds paying an 8% interest rate with interest payable semiannually. The effective interest rate for such securities is 10%. Below are available time value of money factors that Stevens chooses from to calculate compounded interest.
To the closest dollar, how much can Stevens expect to receive for the sale of these bonds?
a. $350,151
b. $292,637
c. $800,000
d. $1,405,503

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