On January 1, 2021, Bishop Company issued 6% bonds dated January 1, 2021, with a face amount of $28 million. The bonds mature in 2033 (10 years). For bonds of similar risk and maturity, the market yield is 8%. Interest is paid semiannually on June 30 and December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

Required:
Determine the price of the bonds at January 1, 2021. (Enter your answer in whole dollars.)

Answer rating: 100% (QA)

10 years x 2 20 half years BY 2 Semi annual Cas... View the full answer