Required information

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On January 1, 2021, Frontier World 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.

2-a.If the market rate is 8%, calculate the issue price.(FV of $1,PV of $1,FVA of $1, andPVA 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.)

Face Amount: 40,600,000

Interest Payment: _____________

Periods To Maturity:_____________

Market Interest Rate:_____________

Issue Price:_______________