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Marigold Inc. issues $ 3,100,000 of 7% bonds due in 13 years with interest payable...

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Accounting

Marigold Inc. issues $ 3,100,000 of 7% bonds due in 13 years with interest payable at year-end. The current market rate of interest for bonds of similar risk is 12%. What amount will Marigold receive when it issues the bonds? (For calculation purposes, use 5 decimal places as displayed in the factor table provided and final answer to 0 decimal places, e.g. 458,581.)

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