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On January 1, 2013, Marina Corp. issued 10-year bonds with a face value of $4,000,000 and...

On January 1, 2013, Marina Corp. issued 10-year bonds with a face value of $4,000,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds were sold to yield 12%. Table values are:

            Present value of 1 for 10 periods at 10% ........................................             .386

            Present value of 1 for 10 periods at 12% ........................................             .322

            Present value of 1 for 20 periods at 5% ..........................................             .377

            Present value of 1 for 20 periods at 6% ..........................................             .312

            Present value of annuity for 10 periods at 10% ...............................         6.145

            Present value of annuity for 10 periods at 12% ...............................             5.650

            Present value of annuity for 20 periods at 5% .................................            12.462

            Present value of annuity for 20 periods at 6% .................................        11.470

Calculate the issue price. Please show your work completely.

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Answer #1

on 1st January maria corporation issued boyear Bonds with Face value of $ 4000,000 This is a semi-annual bonel, there fore in

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