Juno Company issued 10-year bonds on Jan 1, 2021 with a face value of $1,200,000 and a stated interest rate 10%, payable semi-annually on July 1 and Jan 1. The marke rate at the time of issuance was 8%. Calculate the issuance price of the bonds. Please calculate using the present value/future value tables provided on eClass. Round your answer to the nearest whole number.

a.

1,363,098

b.

None of the other alternatives are correct

c.

1,200,000

d.

1,260,000

e.

958,446