TB MC Qu$.14-47($Algo$)$ A bond issue with a face amount...

A bond issue with a face amount of $$700,000$ bears interest at the rate of $7\%.$ The current market rate of interest is

$9\%.$ These bonds will sell at a price that is:

Multiple Choice

Equal to $$700,000.$

The answer cannot be determined from the information provided.

More than $$700,000.$

Less than $$700,000.$