Question: Interest rates determine the present value of future amounts. (Round all numbers to the nearest whole dollar.) Requirements 1. Determine the present value of seven-

Interest rates determine the present value of future amounts. (Round all numbers to the nearest whole dollar.)

Requirements
1. Determine the present value of seven- year bonds payable with face value of $ 91,000 and stated interest rate of 14%, paid semiannually. The market rate of interest is 14% at issuance.
2. Same bonds payable as in Requirement 1, but the market interest rate is 16%.
3. Same bonds payable as in Requirement 1, but the market interest rate is 12%.

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