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On January 1, 2018, Frontier World issues $39.4 million of 9% bonds, due in 20 years, with interest payable semiannually on June 30 and December

On January 1, 2018, Frontier World issues $39.4 million of 9% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. The proceeds will be used to build a new ride that combines a roller coaster, a water ride, a dark tunnel, and the great smell of outdoor barbeque, all in one ride. if the market rate is 9%, calculate the issue price

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