Required information Exercise 9-18B Calculate the issue price of bonds (LO9-7) (The following information applies to the questions displayed below.) On January 1, Year 1, a company issues $40.6 million of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. The proceeds will be used to build a new ride that combines a roller coaster, a water ride, a dark tunnel, and the great smell of outdoor barbeque, all in one ride. Exercise 9-18B Part 1 Required: 1-a. If the market rate is 7%, 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 Face amount $ Amount 40,600,000 1,421,000 $ Interest payment Periods to maturity Market interest rate 30 3.5% Issue price $ 897.361,396