Question: On January 1 , 2 0 2 5 , Pharoah issued $ 8 7 0 , 0 0 0 of 9 % serial bonds at

On January 1 , 2 0 2 5 , Pharoah issued $ 8 7 0 , 0 0 0 of 9 % serial bonds at par. Semiannual interest is payable on January 1 and July 1 and principal of $ 8 7 , 0 0 0 matures each January 1 starting in 2 0 2 6 . The debt will be serviced through a special tax levy designed especially for this purpose

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