On January 1, 2017, Bonds with a Face Value of $94,000

Multiple Choice

On January 1, 2017, bonds with a face value of $94,000 were sold. The bonds mature on January 1, 2027. The face interest rate is 8% annually. The bonds pay interest semiannually on July 1 and January 1. The market rate of interest is 10% annually. What is the market price of the bonds? The present value of $1 for 20 periods at 5% is 0.377. The present value of an ordinary annuity of $1 for 20 periods at 5% is 12.462. The present value of $1 for 10 periods at 10% is 0.463. The present value of an ordinary annuity of $1 for 10 periods at 10% is 6.145. (Round your final answer to the nearest dollar.)

A) $82,295
B) $66,627
C) $94,000
D) $97,760