Required information Skip to question [The following information applies to the questions displayed below.] On January 1, 2024, Water World issues $25.9 million of 6% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. Water World intends to use the funds to build the worlds largest water avalanche and the tornado a giant outdoor vortex in which riders spin in progressively smaller and faster circles until they drop through a small tunnel at the bottom. Required: 1-a. If the market rate is 5%, calculate the issue price. (FV of $1, PV of $1, FVA of $1, and PVA of $1) 1-b. Will the bonds issue at face amount, a discount, or a premium?