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Determine the price of a $1.9 million bond issue under each of the following independent assumptions:

1. Maturity 12 years, interest paid annually, stated rate 10%, effective (market) rate 12%.
2. Maturity 12 years, interest paid semiannually, stated rate 10%, effective (market) rate 12%.
3. Maturity 12 years, interest paid semiannually, stated rate 12%, effective (market) rate 10%.
4. Maturity 20 years, interest paid semiannually, stated rate 12%, effective (market) rate 10%.
5. Maturity 20 years, interest paid semiannually, stated rate 12%, effective (market) rate 12%.

Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1.)