Question: On January 1 , 2 0 2 4 , Oriole Ltd . issued bonds with a maturity value of $ 8 . 0 0 million

On January 1,2024, Oriole Ltd. issued bonds with a maturity value of $8.00 million when the market rate of interest was 4%. The bonds have a coupon (contractual) interest rate of 5% and mature on January 1,2034. Interest on the bonds is payable semi-annually on July 1 and January 1 of each year. The company's year end is December 31. calculate the issue price of the bonds

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