bryonsieferd
Jan 20, 2010, 11:42 AM
the question asks: Randell Company issues 7%, 10-year bonds with a par value of $150,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 8%, which implies a selling price of 93¼. The straight-line method is used to allocate interest expense. I am trying to find the value of the selling price at 93 1/4