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USPshnik [31]
11 months ago
11

on december 31, 2021, interlink communications issued 4% stated rate bonds with a face amount of $110 million. the bonds mature

on december 31, 2051. interest is payable annually on each december 31, beginning in 2022
Business
1 answer:
Bess [88]11 months ago
6 0

Interest - Bond Price is $97.45 million, rounded to the nearest million.



Interest
:
In finance and economics, interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (that is, the amount borrowed), at a particular rate.It differs from a fee that the borrower may pay to the lender or a third party. It is also distinct from dividend which is paid by a company to its shareholders (owners) from its profit or reserve, but not at a particular rate decided beforehand, rather on a pro rata basis as a share in the reward gained by risk taking entrepreneurs when the revenue earned exceeds the total costs.

To learn more about interest
brainly.com/question/2294792
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Complete Question
On December 31, 2021, Interlink Communications issued 5% stated rate bonds with a face amount of $113 million. The bonds mature on December 31, 2051. Interest is payable annually on each December 31, beginning in 2022. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $). Determine the price of the bonds on December 31, 2021, assuming that the market rate of interest for similar bonds was 6%.

Table values are based on:

n = 30

i = 6%

Cash Flow Amount Present Value

Interest $111,300,000 $74,454,240

Principal $100,000,000 $13,137,000

Price of bonds $87,591,240

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