Homework Answers
Answer of Part 3:
Issue Value of Bonds = $64,298,892
Annual Effective Rate = 9.00%
Semiannual Effective Rate = Annual Effective Rate / 2
Semiannual Effective Rate = 9.00% / 2
Semiannual Effective Rate = 4.50%
First Interest Date:
Interest Expense = Amount * Effective Rate
Interest Expense = $64,298,892 * 4.50%
Interest Expense = $2,893,450
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