Shriver
Corp. purchased 55,
$ 1 comma 000$1,000,
88%
bonds of Current PowerCurrent Power
Corporation when the market rate of interest was 66%.
Interest is paid semiannually on the bonds, and the bonds will mature in tenten
years.
Using the PV function in Excel Superscript ŽExcelŽ,
compute the price ShriverShriver
paid (the present value) on the bond investment. (Assume that all payments of interest and principal occur at the end of the period. Round your answer to the nearest cent.)
