Part 1
On April 1, 2023, Shelter Bay Inc. has available for issue $900,000 bonds due in four years. Interest at the rate of 10% is to be paid quarterly. Calculate the issue price if the market interest rate is:
a. 11%
b. 10%
c. 9%

Part 2
On October 1, Shelter Bay Inc. has available for issue a $326,000 bond due in eight years. Interest at the rate of 12% is to be paid semiannually. Calculate the issue price if the market interest rate is:
a. 11.50%
b. 12.00%
c. 12.75%