Haste Enterprises issues 20-year, $1,000,000 bonds that pay semiannual interest of $45,000. If the effective annual rate of interest is 11%, what is the issue price of the bonds? Some relevant and irrelevant present value factors: * PV of ordinary annuity of $1: n=20; i = 11% is 7.96333 **PV of $1: n= 20; i = 11% is 0.12403 * PV of ordinary annuity of $1: n = 40; i = 5.5% is 16.04612 **PV of $1: n = 40; i = 5.5% is 0.11746 Multiple Choice $839,535. $907,717. $1,000,000. O O $1,722,075