Chenard Company Is About to Issue $3,000,000 of 8-Year Bonds

Multiple Choice

Chenard Company is about to issue $3,000,000 of 8-year bonds paying a 12% interest rate with interest payable semiannually. The discount rate for such securities is 10%. Below are time value of money factors that Chenard uses to calculate compounded interest. To the closest dollar, how much can Chenard expect to receive for the sale of these bonds?

A) $3,193,390
B) $2,293,710
C) $3,325,130
D) $5,400,000