Roehm Co. issued $30,000,000 of four-year, 10% bonds, with interest payable semiannually, at a market (effective) interest

Question:

Roehm Co. issued $30,000,000 of four-year, 10% bonds, with interest payable semiannually, at a market (effective) interest rate of 8%. Determine the present value of the bonds payable, using the present value tables in Exhibits 4 and 5. Round to the nearest dollar.