Clancey Inc. issues $2,096,500 of 7% bonds due in 13 years with interest payable at year-end. The current market rate of interest for bonds of similar risk is 10%. (Use the tables below.)
What amount will Clancey receive when it issues the bonds? (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 458,581.)
Amount received by Clancey when bonds were issued