On July 2012, Bliss Industries Inc. Issued $24,000,000 of 20 year, 11% bonds at a market (effective) interest rate of 14%, receiving cash of $19,200,577. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year.

Appendix A Table- 20 year 14% rate is 0.07276, 20 year 11% rate is 0.12403, 40 year 14% rate is 0.00529 and 40 year 11% is 0.01538.

5. Compute the price of $19,200,577 received for the bonds by using the tables of present value in Appendix A. (Round to the nearest dollar.) Your total may vary slightly from the price given due to rounding differences.
Present value of the face amount $
Present value of the semi-annual interest payments $