Part 1
On April 1, 2023, ET Inc. has available for issue $820,000 bonds due in four years. Interest at the rate of 4.50% is to be paid quarterly. Calculate the issue price if the market interest rate is:
a. 5.50%
b. 4.50%
c. 3.50%

Part 2
On October 1, ET Inc. has available for issue a $327,000 bond due in eight years. Interest at the rate of 6.50% is to be paid semiannually. Calculate the issue price if the market interest rate is:
a. 5.50%
b. 6.50%
c. 7.25%