Required information

[The following information applies to the questions displayed below.]

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.

3-a.If the market rate is 9%, calculate the issue price.

FACE VALUE: 40,600,000

Interest Payment 1,624,000

Periods to Maturity: 30

Market Interest Rate: 4.5%

Issue Price:____________ (need help solving for issues price)