Garcia Company issues 10.00%, 15-year bonds with a par value of $420,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 8.00%, which implies a selling price of 117 2/7.

Confirm that the bonds selling price is approximately correct (within 0.1%). Use the present value Tables B.1 and B.3 in Appendix B. (Round all table values to 4 decimal places, and use the rounded table values in calculations. Round your other final answers to nearest whole dollar amount.)

Per Value	x Price	=	Selling Price
	117 2/7	=
Cash Flow	Table Value		Present Value
$420,000 par (maturity) value
$21,000 interest payment
Price of Bond
Difference due to rounding of table values			0