1.	Determine the present value of five-year bonds payable with face value of $91,000 and stated interest rate of 14%, paid semiannually. The market rate of interest is 14% at issuance.
2.	Same bonds payable as in Requirement 1, but the market interest rate is 16%.
3.	Same bonds payable as in Requirement 1, but the market interest rate is 10%.