On 1 July 2019 La Santa Ltd issued a $8 million four year debentures with semi-annual interest payments at a coupon rate of 8%p.a., with the first interest payment due on 31 December 2019. At the time of the issue of the debentures, the market rate of return is 10%p.a.

What is the issue price of the debenture that is recorded on the balance sheet?

Answers:	$ 7,482,942
	$ 8,000,000
	$ 8,290,392
	$ 8,538,680

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