Determine the price of a $1.7 million bond issue under each of the following independent assumptions:

1. Maturity 15 years, interest paid annually, stated rate 10%, effective (market) rate 12%.

2. Maturity 15 years, interest paid semiannually, stated rate 10%, effective (market) rate 10%.

3. Maturity 15 years, interest paid semiannually, stated rate 12%, effective (market) rate 10%.

4. Maturity 10 years, interest paid semiannually, stated rate 12%, effective (market) rate 10%.

5. Maturity 10 years, interest paid semiannually, stated rate 12%, effective (market) rate 12%.

Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1.)

1. Price of bond=

2. Price of bond=

3. Price of bond=

4. Price of bond=

5. Price of bond=