Use the present value tables in the appendix on future value and present value tables to calculate the issue price of a $1,200,000 bond issue in each of the following independent cases, assuming that interest is paid semiannually:

a. A ten-year, 8 percent bond issue; the market interest rate is 10 percent.

b. A ten-year, 8 percent bond issue; the market interest rate is 6 percent.

c. A ten-year, 10 percent bond issue; the market interest rate is 8 percent.

d. A 20-year, 10 percent bond issue; the market interest rate is 12 percent.

e. A 20-year, 10 percent bond issue; the market interest rate is 6 percent. E-1