23- Air Destinations issues bonds due in 12 years with a stated interest rate of 11% and a face value of $400,000. Interest payments are made semi-annually. The market rate for this type of bond is 12%. Using present value tables, calculate the issue price of the bonds. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

Multiple Choice

• $238,948.

• $425,100.

• $400,000.

• $374,900.