A company issued a zero coupon bond with a face of $500,000 that matures in five years. They received $391,765 at issuance. The market interest rate at the time of issuance was closest to: (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1)

• 3%

• 4%

• 5%

• 6%