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Question 21 June Howard Company issues bonds with a par value of $1,800,000...

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Accounting

Question 21

June Howard Company issues bonds with a par value of $1,800,000 on their issue date. The bonds mature in 5 years and pay 6% annual interest in semiannual payments. On the issue date, the market rate of interest (annual) is 8%. Compute the price of the bonds on their issue date. (The answer assumes the use of a financial calculator. (If PV tables are used, select the closest answer from the options provided.)

A.

$1,654,004
B.

$1,547,345
C.

$1,685,148
D.

$2,660,447

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