Question: Brief Exercise 1 4 - 2 ( Algo ) Determining the price of bonds [ LO 1 4 - 2 ] A company issued 6

Brief Exercise 14-2(Algo) Determining the price of bonds [LO14-2] A company

Brief Exercise 14-2(Algo) Determining the price of bonds [LO14-2]
A company issued 6%,20-year bonds with a face amount of $76 million. The market yield for bonds of similar risk and maturity is 7%. Interest is paid semiannually. At what price did the bonds sell?
Note: Do not round intermediate calculations and round you final answer to nearest whole dollar. Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
Price of bonds
issued 6%,20-year bonds with a face amount of $76 million. The market

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