Glover Company Is About to Issue $3,000,000 of 5-Year Bonds

Multiple Choice

Glover Company is about to issue $3,000,000 of 5-year bonds, with a contract rate of interest of 8%, payable semiannually. The discount rate for such securities is 10%. How much can Glover expect to receive from the sale of these bonds?

A) $2,768,338
B) $3,000,000
C) $3,243,315
D) $3,231,660