Question: Marwick Corporation issues 8%, 5-year bonds with a par value of $1,000,000 and semiannual interest payments. On the issue date, the annual market rate for

Marwick Corporation issues 8%, 5-year bonds with a par value of $1,000,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 6%. What is the bond's issue (selling) price, assuming the following Present Value factors:

n=	i=		Present Value of an Annuity (series of payments)	Present value of 1 (single sum)
5	8	%	3.9927	0.6806
10	4	%	8.1109	0.6756
5	6	%	4.2124	0.7473
10	3	%	8.5302	0.7441

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