Use the following info to answer and show work Face amount: 4,000 Term: 10 years...

80.2K

Verified Solution

Question

Accounting

Use the following info to answer and show work

Face amount: 4,000

Term: 10 years

Stated Interest 6%

Interest Payment Date: Annually on June 1

Yield: 9%

Issue Cost: 70$

PV of 1 for 10 period .558 (6%) .422(9%)

PV ordinary annuity of 1 of 10 periods 7.36 (6%) 6.418(9%)

How much issue proceeds received?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students