Business, 08.07.2020 23:01, laurabwhiddon

Garcia Company issues 9.00%, 15-year bonds with a par value of $270,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 6.00%, which implies a selling price of 129 1/3.Confirm that the bonds' selling price is approximately correct. Use present value Table B1 and Table B.3 in Appendix B. (Round all table values to 4 decimal places, and use the rounded table values in calculations. Round your other final answers to nearest whole doller amount.) Par Value x Price Selling Price
380,000 129 3/8 491,644
Cash Flow Table Value Present Value
S380,000 par (maturity) value
$17,100 interest payment
Price of Bond
Difference due to rounding of table values

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Garcia Company issues 9.00%, 15-year bonds with a par value of $270,000 and semiannual interest paym...