Marwick Corporation issues 10%, 5 year bonds with a par value of $1,140,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 8%. What is the bond's issue (selling) price, assuming the following Present Value factors:

n=		i=			Present Value of an Annuity			Present value of $1
5		10	%			3.7908		0.6209
10		5	%			7.7217		0.6139
5		8	%			3.9927		0.6806
10		4	%			8.1109		0.6756

Choice:

a) $1,140,000

b) $929,244

c) $1,602,321

d) $1,232,505

e) $677,679