Question: Seaside issues a bond that has a stated interest rate of 7%, face amount of $50,000, and is due in 5 years. Interest payments are

Seaside issues a bond that has a stated interest rate of 7%, face amount of $50,000, and is due in 5 years. Interest payments are made semi-annually. The market rate for this type of bond is 8%. What is the issue price of the bond?

$87,978.
$50,000.
$83,778.
$47,972.

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