Spiller Corp. plans to issue 10%, 15-year, $500,000 par value bonds payable that pay interest semiannu- ally on June 30 and December 31. The bonds are dated January 1 of the current year and are issued on that date. If the market rate of interest for the bonds is 8% on the date of issue, what will be the total cash proceeds from the bond issue? Exercise B-12 Present value of P1 P3