Issue Price

The following terms relate to independent bond issues:

1. 650 bonds; $1,000 face value; 8% stated rate; 5 years; annual interest payments
2. 650 bonds; $1,000 face value; 8% stated rate; 5 years; semiannual interest payments
3. 870 bonds; $1,000 face value; 8% stated rate; 10 years; semiannual interest payments
4. 2,020 bonds; $500 face value; 12% stated rate; 15 years; semiannual interest payments

Use the appropriate present value table:

PV of $1 and PV of Annuity of $1

Required:

Assuming the market rate of interest is 10%, calculate the selling price for each bond issue. If required, round your intermediate calculations and final answers to the nearest dollar.

Situation	Selling Price of the Bond Issue
a.	$
b.	$
c.	$
d.	$