Question: Hi-Vis Co. produces and sells high resolution flat panel televisions. To finance its operations, Hi-Vis Co. issued $10,000,000 of five-year, 10% bonds with interest payable

Hi-Vis Co. produces and sells high resolution flat panel televisions. To finance its operations, Hi-Vis Co. issued $10,000,000 of five-year, 10% bonds with interest payable semiannually at an effective interest rate of 12%. Determine the present value of the bonds payable, using the present value tables in Exhibits 4 and 5. Round to the nearest dollar.

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