Issue Price

The following terms relate to independent bond issues:

a. 700 bonds; $1,000 face value; 8% stated rate; 5 years; annual interest payments

b. 700 bonds; $1,000 face value; 8% stated rate; 5 years; semiannual interest payments

c. 900 bonds; $1,000 face value; 8% stated rate; 10 years; semiannual interest payments

d. 2,180 bonds; $500 face value; 12% stated rate; 15 years; semiannual interest payments

Assuming the market rate of interest is 10%, calculate the selling price for each bond issue. Refer to the tables above for present value factors. If required, do not round intermediate calculations and round all final answers to the nearest dollar.

Situation              Selling Price of the Bond Issue

a.                                            $

b.                                            $

c.                                             $

d.                                            $