Manic Mining Company frequently invests in mining initiatives requiring large amounts of funding. As a result, it regularly sells bonds to raise cash.
On May 1, 2020, when the market rate of interest was 5.50%, Manic sold $5,000,000 of 6.0% coupon, 5-year bonds. Interest is payable on May 1 and November 1. The bonds sold for a total of $5,108,000. Later in the year, on November 1, 2020, when the market rate of interest was 7.00%, Manic sold $5,000,000 of 6.0% coupon, 5-year bonds. Interest is payable on May 1 and November 1. These bonds sold for a total of $4,792,085.
