X template v Search for tools, help, and more (Alt + Q) File Home Insert Share Page Layout Formulas Data Review View Help Draw 1 v Arial V 10 v B My Av . . . Ev V General V $ v .00 .00 ->.0 V C16 v X V fx A B C D E F Present value of bonds payable; discount NP 3 DATA 4 Face amount of bonds $26,000,000 5 Contract rate of interest 6% 6 Term of bonds, years 4 7 Market rate of interest 9% 8 Interest payment Semiannual 9 10 REQUIRED: 11 Determine the present value of the bonds payable. Using formulas and cell references from the problem data, perform the required analysis. 12 Formulas entered in the green cells show in the orange cells. Transfer amounts to CNOWv2 for grading. 13 14 Amount Formula 15 PV of bonds 16 17 18 19 20Present value of bonds payable; discount Pinder Co. produces and sells high-quality video equipment. To finance its operations, Pinder issued $26,000,000 of 4-year, 6% bonds, with interest payable semiannually, at a market (effective) interest rate of 9%. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. X Open spreadsheet Determine the present value of the bonds payable. Round your answer to the nearest dollar. $ 23,713,485 X Feedback Check My Work Remember, the selling price of a bond is the sum of the present values of: the face amount of the bonds due at the maturity date and the periodic interest to be paid on the bonds. The market rate of interest is used to compute the present value of both the face amount and the periodic interest