Haste Enterprises issues 15-year, $1,000,000 bonds that pay semiannual interest of $40,000. If the effective annual rate of interest is 10%, what is the issue price of the bonds? Some relevant and irrelevant present value factors: * PV of ordinary annuity of $1: n = 15; i = 10% is 7.60608 **PV of $1: n = 15; i = 10% is 0.23939 * PV of ordinary annuity of $1: n = 30; i = 5.0% is 15.37245 **PV of $1: n = 30; i = 5.0% is 0.23138

Answer choices are

906278

1000000

1614898

846278