On January 1, 2013, Ellison Co. issued eight-year bonds with a face value of $1,000,000 and a stated interest rate of 6%, payable semiannually on June 30 and December 31. The bonds were sold to yield 8%. Table values are: Present value of 1 for 8 periods at 6%.. .627 Present value of 1 for 8 periods at 8%. .540 Present value of 1 for 16 periods at 3%. .623 Present value of 1 for 16 periods at 4%. .534 Present value of annuity for 8 periods at 6% 6.210 Present value of annuity for 8 periods at 8% 5.747 Present value of annuity for 16 periods at 3%.. 12.561 Present value of annuity for 16 periods at 4%.. 11.652 The present value of the principal is a. $623,000 b. $627,000 c. $540,000 d. $534,000