Question: On January 1 , 2 0 1 9 , Bay Company issues bonds with a face value of $ 8 5 0 , 0 0

On January 1,2019, Bay Company issues bonds with a face value of $850,000 that pay 9% interest semiannually and mature in 15 years. The market interest rate at the date of issuance is 8%. What is the issue price of the bond?
a. $567,656.32
b. $923,491.41
c. $850,000.00
d. $815,386.52

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