EXERCISE 10-15 COMPUTATION OF MARKET VALUES OF BOND ISSUES What is the market value of each of the following bond issues? (Round to the nearest dollar)

(a) 10% bonds of $ 1 ,000,000 sold on bond issue date; 10-year life; interest payable semiannually; effective rate, 12%.

(b) 9% bonds of $200,000 sold on bond issue date; 5-year life; interest payable semiannually; effective rate, 8%.

(c) 8% bonds of $150,000 sold 30 months after bond issue date; 15-year life; interest payable semiannually; effective rate, 10%.