Determining the Proceeds from Bond Issues
Madison Corporation is authorized to issue $830,000 of 6-year bonds dated June 30, 2016, with a stated rate of interest of 11%. Interest on the bonds is payable semiannually, and the bonds are sold on June 30, 2016.
Determine the proceeds that the company will receive if it sells the following: (round your answers to two decimal places, if necessary.)
1. The bonds to yield 12%$ 2. The bonds to yield 10%$