Cactus Construction sells $1,000,000 of 8% bonds on January 1, of the current year. The bonds are unsecured but…

Cactus Construction sells $1,000,000 of 8% bonds on January 1, of the current year. The bonds are unsecured but registered to the name of the purchaser. The bonds are due in 5 years, with interest payable annually at year-end. Determine the value of the bonds if the market interest rate is 9%.

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