Akers Company sold bonds on July 1, 2005, with a face value of $100,000. These bonds are due in 10 years. The state's annual interest rate is 6% per year, payable semiannually on June 30 and December 31. These bonds were sold to yield 8%.
How much did these bonds sell for on July 1, 2005?
You will find the answer to this puzzling question inside...