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The following information pertains to Summit Tours, Inc., issuance of bonds on July 1, 2020: Face amount $400,000 Term 10 years Stated interest rate 6%

The following information pertains to Summit Tours, Inc., issuance of bonds on July 1, 2020: Face amount $400,000 Term 10 years Stated interest rate 6% Interest payment dates Annually on July 1 Yield (market rate) 9% What is the issue price for each $1,000 bond? a. $1,000 b. $ 864 c. $ 807 d. $ 700

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