The present value of $1 due in 40 periods at 2% is .45289. The present...
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The present value of $1 due in 40 periods at 2% is .45289. The present value of $1 due in 20 periods at 4% is .45639. The present value of $1 due at the end of each of 40 periods at 2% is 27.35548. The present value of $1 due at the end of each of 20 periods at 4% is 13.59033. If $100,000 of 20-year, 5% bonds issued and dated on July 1, 2012, and calling for semiannual interest payments on January 1 and July 1, are issued to yield 4%, their issue price is:
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