On 1 April 2021, Giant Finance Limited issued $2,000,000 six

year debentures that pay interest every six months at a coupon rate of 8 per

cent. At the same time of issuing the debentures, the market required a rate of

return of 6 per cent. Any discount or premium on issue is amortised using the effective

interest method. The total issue price of the debentures is: