Question: Jia Hua Enterprises wants to issue sixty 20-year, $1,000 par value, zero-coupon bonds. If each bond is priced to yield 7% , how much will Jia Hua receive (ignoring issuance costs) when the bonds are first sold?
A. $18,880
B $12,393
C. $20,000
D. $15,505
E $11,212