On January 1, 2014, Haley Co

Multiple Choice

On January 1, 2014, Haley Co. issued ten-year bonds with a face amount of $4,000,000 and a stated interest rate of 8% payable annually on January 1. The bonds were priced to yield 10%. Present value factors are as follows: The total issue price of the bonds was

A) $4,000,000.
B) $3,920,000.
C) $3,680,000.
D) $3,510,400.