(Solved): (Appendix 9A) Bond Issue Price On January 1, Ruby Inc. issued 3,500 of $1,000 par value bonds with ...

(Appendix 9A) Bond Issue Price On January 1, Ruby Inc. issued 3,500 of $1,000 par value bonds with a stated rate of 8% and a 8-year maturity. Interest is payable semiannually on June 30 and December 31. Use Future Value of a Single Amount, Present Value of a Single Amount, Future Value of an Annuity and Present Value of an Annuity. Required: What is the issue price if the bonds are sold to yield 10%? Round factors to five decimal places and final answer to the nearest dollar. Feedback X Check My Work Bonds are priced at the present value of the two future cash flows, periodic interest payments, and repayment of the principal.