Question: Waterway Inc. issues $3,500,000 of 7% bonds due in 15 years with interest payable at year-end. The current market rate of interest for bonds of

Waterway Inc. issues $3,500,000 of 7% bonds due in 15 years

Waterway Inc. issues $3,500,000 of 7% bonds due in 15 years with interest payable at year-end. The current market rate of interest for bonds of similar risk is 12%. Click here to view factor tables What amount will Waterway receive when it issues the bonds? (For calculation purposes, use 5 decimal places as displayed in the factor table provided and final answer to 0 decimal places, e.g. 458,581.) Amount received by Waterway when bonds were issued

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