TB Ex Qu$.9-255($Algo$)$ On January $1,2024,$ a company issues...

On January $1,2024,$ a company issues $$40\mathrm{.}7$ million of $9\%$ bonds, due in $20$ years, with interest payable semiannually on June $30$ and December $31$ each year.

Required:

$1-$a$.$ If the market rate is $8\%,$ calculate the issue price. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ and PVA of $$1)$

$1-$b$.$ Will the bonds issue at face amount, a discount, or a premium?

$2-$a$.$ If the market rate is $9\%,$ calculate the issue price. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ and PVA of $$1)$

$2-$b$.$ Will the bonds issue at face amount, a discount, or a premium?

$3-$a$.$ If the market rate is $10\%,$ calculate the issue price. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ and PVA of $$1)$

$3-$b$.$ Will the bonds issue at face amount, a discount, or a premium?