Given: Face amount: $100,000 Purchase date: January 1, 2017 Maturity date: January 1, 2022 Interest paid: July 1st and January 1st Coupon (stated) rate of interest: 8% Market (effective) rate of interest: 10% What is the approximate purchase price? PV of $100,000 (n=10, i=5%) + PVA of ($100,000 X 4%) where n=10, i = 5% PV is approximately equal to $92,278