On January 1, 2013, Drennen, Inc., issued $2.6 million face amount of 7-year, 18% stated...
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On January 1, 2013, Drennen, Inc., issued $2.6 million face amount of 7-year, 18% stated rate bonds when market interest rates were 20%. The bonds pay semiannual interest each June 30 and December 31. Calculate the proceeds (issue price) of Drennen, Inc.'s, bonds on January 1, 2013, assuming that the bonds were sold to provide a market rate of return to the investor.
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