Bayside Inc. sells $5,000,000 of five-year, 10% bonds at the start of the year. The bonds pay interest yearly and have an effective yield of 9%. At what amount would the bonds sell for? What would be...

Bayside Inc. sells $5,000,000 of five-year, 10% bonds at the start of the year. The bonds pay interest yearly and have an effective yield of 9%.

At what amount would the bonds sell for?

What would be the bond carrying value at the end of Year 1?