Question: Marwick Corporation issues 28%, 5 year bonds with a par value of 1,200,000 and semiannual interest payments. On the issue date, the annual market rate

Marwick Corporation issues 28%, 5 year bonds with a par value of 1,200,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 26%. What is the bond's issue (selling) price, assuming the Present Value of $1 factor for 13.0% and 10 semi-annual periods is 0.2946 and the present value of an annuity factor for the same rate and period is 5.4262?

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