Question - On January 1, 2013, Learned, Inc., issued $11 million face amount of 20-year, 14% stated rate bonds when market interest rates were 16%. The bonds pay interest semiannually each June 30 and December 31 and mature on December 31, 2032. Table 6-4, Table 6-5 (Use appropriate factor from the table provided.)
Calculate the proceeds (issue price) of Learned, Inc.'s, bonds on January 1, 2013, assuming that the bonds were sold to provide a market rate of return to the investor.