## Answers

a | |||

Bonds were issued at premium | |||

b | |||

Selling price of the bond = $ 282471 | |||

Workings: | |||

Amount | PV factor 5% | Present value | |

Annual interest | 20000 | 4.32948 | 86589.53 |

Principal | 250000 | 0.78353 | 195881.54 |

Total | 282471.08 | ||

Annual interest | 20000 | =250000*8% | |

PV factor 5%: | |||

Annual interest | 4.32948 | =(1-(1.05)^-5)/0.05 | |

Principal | 0.78353 | =1/1.05^5 |

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