ACTG Practice assignment 2: Time value of money

* This assignment accounts for 3 extra points. Overdue assignment will not be accepted. No point will be given when proper work/answer is not provided. Points will be deducted for errors.

On January 1, 2020, DFC Co. issued five-year bonds with a face value of $ 460,000 and a stated interest rate of 12% payable semiannually on every July 1 and January 1, beginning from July 1, 2020. The market rate of interest for bonds of similar risk is 10%.Present value table factors are:

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Present value of 1 for 5 periods at 10%.62092

Present value of 1 for 5 periods at 12%.56743

Present value of 1 for 10 periods at 5%.61391

Present value of 1 for 10 periods at 6%.55839

Present value of an ordinary annuity of 1 for 5 periods at 10%3.79079

Present value of an ordinary annuity of 1 for 5 periods at 12%3.60478

Present value of an ordinary annuity of 1 for 10 periods at 5% 7.72173

Present value of an ordinary annuity of 1 for 10 periods at 6%7.36009

– Calculate the issue price of the bonds.

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