(TCO D) On January 1, Year 1, Congo.com issued $1,000,000, 9% 10-year bonds (interest paid annually) to yield 8%. The present value of $1 at 9% for 10 years is 0.4224 and the present value of an ordinary annuity of $1 at 9% for 10 years is 6.4177. The present value of $1 at 8% for 10 years is 0.4632 and the present value of an ordinary annuity of $1 at 8% for 10 years is 6.7101. Which of the following is closest to the selling price of the bond? (Points : 5) $920,000

$1,000,000

$1,040,800

$1,067,100