On January 1, 2021, Wild Rapids Water Park issues $39.8 million of 8% bonds to finance expansion. The bonds are due in 15 years, with interest payable semiannually on June 30 and December 31 each year.

3-a. If the market rate is 9%, calculate the issue price. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use appropriate factor(s) from the tables provided. Do not round interest rate factors. Enter your answers in dollars not in millions. Round "Market interest rate" to 1 decimal place. Round your final answers to the nearest whole dollar.)

Bond Characteristics	Amount
Face amount	$39,800,000
Interest payment
Periods to maturity
Market interest rate
Issue price

3-b. The bonds will issue at

multiple choice

• A Discount

• A Premium

• Face amount