Bond Issue Price On January 1, Ruby Inc. issued 2,000 of $1,000 par value bonds...
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Bond Issue Price On January 1, Ruby Inc. issued 2,000 of $1,000 par value bonds with a stated rate of 8% and a 8-year maturity. Interest is payable semiannually on June 30 and December 31. Use Present Value of a Single Amount and Present Value of an Annuity. Required: What is the issue price if the bonds are sold to yield 10%? Round factors to five decimal places and final answer to the nearest dollar.
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