E$15\mathrm{.}2(\{$:$L{O}_2)$ AP Central College is about to issue $$1$ million of $10-$year bonds that pay a $4\%$ annual interest rate,

with interest payable semi$-$annually.

Instructions

Calculate the issue price of these bonds if the market interest rate is

a$.3\%.$

b$.4\%.$

c$.5\%.$