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On January 1, 2016, Colt Co. issued ten-year bonds with a face amount of $1,000,000 and a stated interest rate of 6% payable annually on

On January 1, 2016, Colt Co. issued ten-year bonds with a face amount of $1,000,000 and a stated interest rate of 6% payable annually on January 1. The bonds were priced to yield 8%. The approximate total issue price of the bonds was: Select one: a. $1,122,888 b. $886,996 c. $1,134,198 d. $865,795 e. $1,147,202

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