To raise funds for a new plant, Desert Inc. issued a $2,000,000, 12%, 10-year bond on March 1, 2020, with interest payable semi-annually beginning on September 1. At the time of issuance, the market interest rate for similar financial instruments is 10%. Determine the selling price of the bonds. PV of 5.0% 6.0% 10% $1 12% PVOA 5.0% 6.0% 10% 12% N=5 .78353 74726 .62092 .56743 N=5 4.32948 4.21236 3.79079 3.60478 .32197 N= 10 7.72173 7.36009 6.14457 5.65022 12.46221 11.46992 8.51356 7.46944 N=10 .61391 55839 .38554 N=20 .37689 31180 14864 10367 N=20 $2,249,245 O $1,321,966 O $2,245,777 $2,000,000