On April 15, 2020, Melissa purchased $60,000 of Verbecke Co.'s 12%, 20-year bonds at face amount, with interest being paid on December 31 each year.Verbecke Co.has paid interest due on the bonds regularly.On April 15, 2024, market interest rates had risen to 14% and Melissa is considering selling the bonds.
Required:
Using the present value tables in Chapter 6 of the textbook, calculate the market value of Melissa's bonds on April 15, 2024.

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The Answer of On April 15, 2020, Melissa purchased $60,000 of Verbecke Co.'s 12%, 20-year bonds at face amount, with interest being paid on December 31 each year.Verbecke Co.has paid interest due on the bonds regularly.On April 15, 2024, market interest rates had risen to 14% and Melissa is considering selling the bonds.
Required:
Using the present value tables in Chapter 6 of the textbook, calculate the market value of Melissa's bonds on April 15, 2024.

On April 15, 2020, Melissa Purchased $60,000 of Verbecke Co