On January 1, a company issued bonds with a par value of $ 1,160,000. The bonds mature in 5 years and have a contract rate of 10%. Interest is paid semiannually on June 30 and December 31 and the market rate is 8%. Using the present value factors below, the issue (selling) price of the bonds is: number of periods (n)= 5 10 5 10 interest rate (i)= 10% 5% 8% 4% Present Value of an Annuity (series of payments) 3.7908 7.7217 3.9927 8.1109 Present value of 1 (single sum) 0.6209 0.6139 0.6806 0.6756