On January 1,2011,Alpha Company issued $1,000,000 of 5%,20-year bonds to buy a new computerized accounting system.The market rate of interest was 6%.The bonds pay interest annually on December 31.To calculate the amount of cash that Alpha received,you must find ________.
A) only the present value of $1,000,000
B) only the present value of an annuity of $60,000
C) both the present value of $1,000,000 and the present value of an annuity of $50,000
D) both the present value of $1,000,000 and the present value of an annuity of $60,000
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