Garcia Company issues 8.00%, 15-year bonds with a par value of $280,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 6.00%, which implies a selling price of 119 5/9. Confirm that the bonds selling price is approximately correct. Use present value Table B.1 and Table 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.)

Par Value	x Price	=	Selling Price
$280,000	119 5/9	=	$334,768
Cash Flow	Table Value		Present Value
$280,000 par (maturity) value
$11,200 interest payment
Price of Bond
Difference due to rounding of table values