per share
( d ) Payout ratio of common stock
%
( e ) Return on common stock equity
%
2 ) On January 1 , 2015 , Piper Co . issued ten-year bonds with a face value of $ 3,000,000 and a stated interest rate of 10 %, payable semiannually on June 30 and December 31 . The bonds were sold to yield 12 %. Table values are :
Present value of 1 for 10 periods at 10 % . 386
Present value of 1 for 10 periods at 12 % . 322
Present value of 1 for 20 periods at 5 % . 377