Assume an organization could issue a zero coupon bond at an annual interest rate of 4 percent with semiannual compounding for 20 years. If it receives $2,264.45 for the bond, how much would it have to pay at the maturity date? 6-20. On January 1, 2016, Central City issued a 20-year serial bond to finance improvements to the water distribution system. A total of $80,000,000 face value of bonds were issued with coupon and maturity rates as follows: 

A. Solve using a spreadsheet program such as Excel. 

B. Solve using a financial calculator.