On January 1, a company issues bonds dated January 1 with a par value of $210,000. The bonds mature in 3 years. The contract rate is 8%, and interest is paid semiannually on June 30 and December 31. The market rate is 9% Using the present value factors below, the issue (selling) price of the bonds is: 3 6 3 6 8.0% 4.0% 9.0% 4.5% Present Value of an Annuity (series of payments) 2.5771 5.2421 2.5313 5.1579 Present value of 1 (single sum) 0.7938 0.7903 0.7722 0.7679