Issue Price

The following terms relate to independent bond issues:

500 bonds; $1,000 face value; 8% stated rate; 5 years; annual interest payments

500 bonds; $1,000 face value; 8% stated rate; 5 years; semiannual interest payments

800 bonds; $1,000 face value; 8% stated rate; 10 years; semiannual interest payments

2,000 bonds; $500 face value; 12% stated rate; 15 years; semiannual interest payments

Required:

Assuming the market rate of interest is 10%, calculate the selling price for each bond issue. Refer to the tables above for present value factors. If required, round all calculations to the nearest dollar.