14. A company issues 6%, 5 year bonds with a par value of $800,000 and semiannual interest payments. On the issue date, the annual market rate of interest is 8%. Compute the issue (selling) price of the bonds. The following information is taken from present value tables: Present value of an annuity for 10 periods at 3% Present value of an annuity for 10 periods at 4% Present value of l due in 10 periods at 3% Present value of l due in 10 periods at 4% 8.53021 8.1109 0.7441 0.6756 Present value of principle Present value of interest Issue (selling) price of bonds 5 of 10