In: Accounting
Robinson Corp. issued 10%, 8year, $2,500,000 PV bonds that pay interest annually. The bonds are date 1/1/2017 and are issued on that date. The discount rate of interest for such bonds on 1/1/2017 is 8%. What cash proceeds did Robinson Corp receive from issuance of the bonds?
(PV of 1 is 0.54027) (FV of 1 is 1.85093)
(PV annuity due of 1 is 6.20637) (PV ordinary annuity of 1 is 5.74664)
a. 
$2,638,370 

b. 
$2,251,618 

c. 
$2,500,000 

d. 
$2,787,332 