On September 30, 2024, the Techno Corporation issued 8% stated rate bonds with a face amount of $460 million. The bonds mature on September 30, 2044 (20 years). The market rate of interest for similar bonds was 10%. Interest is paid semiannually on March 31 and September 30. Required: Determine the price of the bonds on September 30, 2024. Note: Use tables, Excel, or a financial calculator. Round your final answers to nearest whole dollar amount, not in millions. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) Time values are based on: n = Cash Flow Interest Principal Price of bonds Amount Present Value

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On September 30, 2024, the Techno Corporation issued 8% stated rate bonds with a face amount of $460 million. The bonds mature
on September 30, 2044 (20 years). The market rate of interest for similar bonds was 10%. Interest is paid semiannually on March 31
and September 30.
Required:
Determine the price of the bonds on September 30, 2024.
Note: Use tables, Excel, or a financial calculator. Round your final answers to nearest whole dollar amount, not in millions. (FV of
$1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
Time values are based on:
n =
i=
Cash Flow
Interest
Principal
Price of bonds
Amount
Present Value
Transcribed Image Text:On September 30, 2024, the Techno Corporation issued 8% stated rate bonds with a face amount of $460 million. The bonds mature on September 30, 2044 (20 years). The market rate of interest for similar bonds was 10%. Interest is paid semiannually on March 31 and September 30. Required: Determine the price of the bonds on September 30, 2024. Note: Use tables, Excel, or a financial calculator. Round your final answers to nearest whole dollar amount, not in millions. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Time values are based on: n = i= Cash Flow Interest Principal Price of bonds Amount Present Value
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