Monty Inc. manufactures cycling equipment. Recently, the vice
president of operations of the company has requested construction
of a new plant to meet the increasing demand for the company’s
bikes. After a careful evaluation of the request, the board of
directors has decided to raise funds for the new plant by issuing
$3,258,500 of 8% term corporate bonds on March 1, 2020, due on
March 1, 2035, with interest payable each March 1 and September 1,
with the first interest...