Question: ( Appendix 9 A ) Bond Issue Price On January 1 , Ruby Inc. issued 1 , 0 0 0 of $ 1 , 0

(

Appendix

9

)

Bond Issue Price

On January

1,

Ruby Inc. issued

1, 000

of $

1, 000

par value bonds with a stated rate of

6 %

and a

6 -

year maturity. Interest is payable semiannually on June

30

and December

31 .

Use Future Value of a Single Amount, Present Value of a Single Amount, Future Value of an Annuity and Present Value of an Annuity

This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answer in the question below.

Open spreadsheet

Required:

What is the issue price if the bonds are sold to yield

4 % ?

Round factors to five decimal places and final answer to the nearest dollar.

$fill in the blank

2

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