Marmalice Co. issued $4,000,000 of five-year, 10 percent bonds, with interest payable semiannually, at a market (effective) interest rate of 11 percent. Determine the present value of the bonds payable using the present value tables. Round to the nearest dollar.
Present value of an annuity of $1 at compound interest: 
Present value of a $1 at compound interest: 
Correct Answer:
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