On January 1, 2020, Tiffany and Company issues 3 year bonds payable with a face value $100,000, stated interest 10% payable at 12/31 each year. Market interest rate is 8%. What should be the issuance price at 1/1/2020?

Please help with explanation and steps.

6% 1.06000 1.12360 1.19102 1.26248 1.33823 Table 1: Future Value of 1 8% 9% 1.08000 1.09000 1.16640 1.18810 1.25971 1.29503 1.36049 1.41158 1.46933 1.53862 10% 1.10000 1.21000 1.33100 1.46410 1.61051 12% 1.12000 1.25440 1.40493 1.57352 1.76234 9% 6% 0.94340 0.89000 0.83962 0.79209 0.74726 Table 2 : Present Value of 1 8% 0.92593 0.91743 0.85734 0.84168 0.79383 0.77218 0.73503 0.70843 0.68058 0.64993 10% 0.90909 0.82645 0.75132 0.68301 0.62092 12% 0.89286 0.79719 0.71178 0.63552 0.56743 Table 3: Present Value of an Ordinary Annuity of 1 6% 8% 9% 10% 0.94340 0.92593 0.91743 0.90909 1.83339 1.78326 1.75911 1.73554 2.67301 2.57710 2.53130 2.48685 3.46511 3.31213 3.23972 3.16986 4.21236 3.99271 3.88965 3.79079 12% 0.89286 1.69005 2.40183 3.03735 3.60478 Table 4: Future Value of an Ordinary Annuity of 1 8% 9% 10% 1.00000 1.00000 1.00000 1.00000 2.06000 2.08000 2.09000 2.10000 3.18360 3.24640 3.27810 3.31000 4.37462 4.50611 4.57313 4.64100 5.63709 5.86660 5.98471 6.10510 12% 1.00000 2.12000 3.37440 4.77933 6.35285