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Present value of a $1 single payment (Table 2) Present value of a $1 ordinary annuity (Table 4) 3.00% 3.50% 4.00% 4.50% 5.00% 3.00% 3.50% 4.00% 4.50% 5.00% 1 0.97087 0.96618 0.96154 0.95694 0.95238 0.97087 0.96618 0.96154 0.95694 0.95238 2 0.94260 0.93351 0.92456 0.91573 0.90703 1.91347 1.89969 1.88609 1.87267 1.85941 3 0.91514 0.90194 0.88900 0.87630 0.86384 2.82861 2.80164 2.77509 2.74896 2.72325 4 0.88849 0.87144 0.85480 0.83856 0.82270 3.71710 3.67308 3.62990 3.58753 3.54595. 5 0.86261 0.84197 0.82193 0.80245 0.78353 4.57971 4.51505 4.45182 4.38998 4.32948 6 0.83748 0.81350 0.79031 0.76790 0.74622 5.41719 5.32855 5.24214 5.15787 5.07569 7 0.81309 0.78599 0.75992 0.73483 0.71068 6.23028 6.11454 6.00205 5.89270 5.78637 8 0.78941 0.75941 0.73069 0.70319 0.67684 7.01969 6.87396 6.73274 6.59589 6.46321 9 0.76642 0.73373 0.70259 0.67290 0.64461 7.78611 7.60769 7.43533 7.26879 7.10782 100.74409 0.70892 0.67556 0.64393 0.61391 8.53020 8.31661 8.11090 7.91272 7.72173 110.72242 0.68495 0.64958 0.61620 0.58468 9.25262 9.00155 8.76048 8.52892 8.30641 12 0.70138 0.66178 0.62460 0.58966 0.55684 9.95400 9.66333 9.38507 9.11858 8.86325 Mitchell Inc. issued 64, 10%, $1,000 bonds on January 1, 2020, for $70,006. The bonds pay cash interest semiannually each June 30, and December 31, and were issued to yield 8%. The bonds mature December 31, 2025, and the company uses the effective interest method to amortize bond discounts or premiums. On January 1, 2020, Mitchell Inc. elects to account for the bonds using the fair value option. At December 31, 2020, the arket rate on the bonds is 9%. Required: 1. The carrying value of the bonds on December 31, 2020 is $ 2. The fair value of the bonds on December 31, 2020 is $ 3. The amount of unrealized holding gain or loss is $ (Fill in the last blank with "gain" if