On January 1, 2012, White Water issues $500,000 of 6% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year.
Assuming the market interest rate on the issue date is 5%, the bonds will issue at $562,757.
Assuming the market interest rate on the issue date is 5%, the bonds will issue at $562,757.