Deltona motors just issued 230,000 zero-coupon bonds. these bonds mature in 18 years, have a par value of $1,000, and have a yield to maturity of 5.9 percent. what is the approximate total amount of money the company raised from issuing these bonds?

$80,757,600

Explanation:

In this question, we use the present value formula which is shown in the spreadsheet.  

The NPER represents the time period.

Given that,  

Future value = $1,000

Rate of interest = 5.9%  ÷ 2 = 2.95%

NPER = 18 years  × 2 = 36 years

PMT = $0

The formula is shown below:

= -PV(Rate;NPER;PMT;FV;type)

So, after solving this, the present value would be $351.12

Now the approximate total money would be

= Number of issued zero coupon bonds × present value

= 230,000 bonds × $351.12

= $80,757,600

the correct answer is:

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