HARTFORD RESEARCH ISSUES BONDS DATED JANUARY 1, 2013, THAT PAY INTEREST SEMIANNUALLY ON JUNE 30 AND DECEMBER 31. THE BONDS HAVE A $40,000 PAR VALUE AND AN ANNUAL CONTRACT RATE OF 10%, AND THEY MATURE IN 10 YEARS.

1. THE MARKET RATE AT THE DATE OF ISSUANCE IS 8%.

2. THE MARKET RATE AT THE DATE OF ISSUANCE IS 10%.

3. THE MARKET RATE AT THE DATE OF ISSUANCE IS 12%.