Determining Bond PricesDetermining Bond Prices price of the bonds. Use Tables $2$ and $3$ in Appendix A near the end of the book.

Round answer to the nearest whole number.

Lunar, Inc., plans to issue $$1,100,000$ of $8\%$ bonds that will pay interest semiannually and mature in $5$ years. Assume that the effective interest rate is $10\%$ per year compounded semiannually. Compute the selling price of the bonds. Use Tables $2$ and $3$ in Appendix A near the end of the book.