Question: Marwick Corporation issues 8%, 5-year bonds with a par value of $1,210,000 and semiannual interest payments. On the issue date, the annual market rate

Marwick Corporation issues 8%, 5-year bonds with a par value of $1,210,000 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: number of periods (n)= interest rate Present Value of an Annuity (series of (i)= 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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