Use the following information to answer questions 5 through…
Use the following information to answer questions 5 through 7 Army Supply Company issued five-year, 7% bonds with a face value of $25,000 on January 1, 1722. The effective rate of interest is 6%. Army Supply sold the bonds for $26,053. The bonds pay annual interest each December 31. What is the amount of cash that Army Supply will pay to bond holders for interest in 1724?