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On January 1, Ruby Inc. issued 4,500 of $1,000 par value bonds with a stated...

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Accounting

On January 1, Ruby Inc. issued 4,500 of $1,000 par value bonds with a stated rate of 8% and a 10-year maturity. Interest is payable semiannually on June 30 and December 31. Use Future Value of a Single Amount, Present Value of a Single Amount, Future Value of an Annuity 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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