Marwick Corporation issues 12%, 5 year bonds with a par value of $1,170,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 10%. What is the bond's issue (selling) price, assuming the following Present Value factors: 1n = i = Present value of an annuity (Series of payments) Present value of 1 (Single sum)
5 8% 3.9927 0.6806
10 4% 8.1109 0.6756
5 6% 4.2124 0.7473
10 3% 8.5302 0.7441