On January 1, 2021, Frontier World issues $39.1 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.

1. If the market rate is 8%, calculate the issue price. (FV of $1, PV of $1, FVA of $1, and PVA of $1)

2 . If the market rate is 9%, calculate the issue price

3. If the market rate is 10%, calculate the issue price.

Bond Characteristics	Amount
Face amount	$
Interest payment
Periods of maturity
Market interest rate
Issue Price