Please show what formula or steps you used to solve. Thank you! Show transcribed image text Kirby Ra 1 answer below »

Please show what formula or steps you used to solve. Thank you!

Show transcribed image text Kirby Railroad Co. is about to issue $309,600 of 9-year bonds paying a 8% interest rate, with interest payable semiannually. The discount rate for such securities is 8%. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) How much can Kirby expect to receive for the sale of these bonds? (Round answer to 2 decimal places, e.g. 25.25.)