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Present value of bonds payable; discount Pinder Co. produces and sells high-quality video equipment....

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Accounting

Present value of bonds payable; discount

Pinder Co. produces and sells high-quality video equipment. To finance its operations, Pinder issued $20,000,000 of five-year, 5% bonds, with interest payable semiannually, at a market (effective) interest rate of 8%. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below.

Open spreadsheet

Determine the present value of the bonds payable. Round your answer to the nearest dollar.

$ fill in the blank 2

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