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On October 1, 2020, Eastern Timber Inc. has available for issue $800,000 bonds due in four years. Interest at the rate of 5.50% is to

On October 1, 2020, Eastern Timber Inc. has available for issue $800,000 bonds due in four years. Interest at the rate of 5.50% is to be paid quarterly. Calculate the issue price if the market interest rate is: (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.)

a. 6.5%
b. 5.5%
c. 4.5%

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