Stanford issues bonds dated January $1,2021,$ with a par value of $$500,000.$ The bonds' annual contract rate is $9\%,$ and interest is paid semiannually on June $30$ and December $31.$ The bonds mature in three years. The annual market rate at the date of issuance is $12\%,$ and the bonds are sold for $$463,120.$

$\backslash$table$[[$Par Value,$\backslash$table$[[$Contract$],[$rate$]],\backslash$table$[[$Term$],[($years$)]],\backslash$table$[[$Market$],[$rate$]],\backslash$table$[[$Issue$],[$Price$]],\backslash$table$[[$Payments$],[$per year$]]],[$$$500,000,9\%,3,12\%,$$$463,120,2]]$

$\backslash$table$[[$Required:$],[1.$ What is the amount of the d$],[($Use cells A$2$ to L$5$ from the giv$],[$Discount $,$$$36,880$