Question: On June 30, 2021, Singleton Computers issued 6% stated rate bonds with a face amount of $200 million. The bonds mature on June 30, 2036

On June 30, 2021, Singleton Computers issued 6% stated rate bonds with a face amount of $200 million. The bonds mature on June 30, 2036 (15 years).

The market rate of interest for similar bond issues was 5% (2.55 semi-annual rate).

Interest is paid semi-annually (3%) on June 30 and December 31, beginning on December 31, 2021.

Determine present value of annuity paid

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