Question: On October 1, 2017, Eastern Timber Inc. has available for issue $720,000 bonds due in four years. Interest at the rate of 9.50% is to

On October 1, 2017, Eastern Timber Inc. has available for issue $720,000 bonds due in four years. Interest at the rate of 9.50% is to be paid quarterly. Calculate the issue price if the market interest rate is: (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.)

Issue Price

a.10.50%

b.9.50%

c.8.50%

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