The face value of a bond is $50,000, its stated rate is 6% and the term of the bond is five years. The bond pays interest semiannually. At the time of issue, the market rate is 8%. What is the present value of the bonds at issuance? Present value of $1: 4% 5% 0.822 0.784 6% 7% 8% 0.747 0.713 0.681 5 6 0.790 0.746 0.705 0.666 0.630 7 0.760 0.711 0.665 0.623 0.583 8 0.731 0.677 0.627 0.582 0.703 0.645 0.592 0.544 9 10 0.676 0.614 0.558 0.508 0.540 0.500 0.463 Present value of ordinary annuity of $1: 4% 5% 6% 7% 4.452 4.329 4.212 4.100 5 6 7 8 9 10 8% 3.993 4.623 5.242 5,076 4.917 4.767 5.786 5.582 5.389 5.206 6.002 6.463 6.210 5.971 5.747 6.733 7.435 7.108 6.802 6.515 6.247 8.111 7.722 7.360 7.024 6.710