A Corporation issues a bond that has a stated interest rate of 12%, face amount of $80,000, and is due in 5 years. A Corporation uses the accrual basis of accounting. Interest payments are made semiannually. The market rate for this type of bond is 10%. What is the issue price of the bond? (Round up to the next highest penny if necessary. For example: $.015 through $.019 should be rounded up to $.02.)

• $86,117.10

• $88,125.98

• $85,247.27

• $86,427.38