On January 1, 2015, Water World issues $24.0 million of 5% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. Water World intends to use the funds to build the world’s largest water avalanche and the “tornado”— a giant outdoor vortex in which riders spin in progressively smaller and faster circles until they drop through a small tunnel at the bottom.

1. If the market rate is 4%, calculate the issue price. (Use appropriate factor(s) from the tables provided. Do not round interest rate factors. Round "Market interest rate" to 1 decimal place.)

2. If the market rate is 5%, calculate the issue price.

3. If the market rate is 6%, calculate the issue price.