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When the market rate of interest was 12%, Halprin Corporation issued $534,000, 11%, four-year bonds that pay interest annually. The selling price of this bond

When the market rate of interest was 12%, Halprin Corporation issued $534,000, 11%, four-year bonds that pay interest annually. The selling price of this bond issue was _____. Use the following table, if needed.

Present Value of $1 at Compound Interest

Periods 5% 6% 7% 10% 12%
1 0.95238 0.94340 0.93458 0.90909 0.89286
2 0.90703 0.89000 0.87344 0.82645 0.79719
3 0.86384 0.83962 0.81630 0.75132 0.71178
4 0.82270 0.79209 0.76290 0.68301 0.63552
5 0.78353 0.74726 0.71299 0.62092 0.56743
6 0.74622 0.70496 0.66634 0.56447 0.50663
7 0.71068 0.66506 0.62275 0.51316 0.45235
8 0.67684 0.62741 0.58201 0.46651 0.40388
9 0.64461 0.59190 0.54393 0.42410 0.36061
10 0.61391 0.55840 0.50835 0.38554 0.32197

Present Value of an Annuity of $1 at Compound Interest

Periods 5% 6% 7% 10% 12%
1 0.95238 0.94340 0.93458 0.90909 0.89286
2 1.85941 1.83339 1.80802 1.73554 1.69005
3 2.72325 2.67301 2.62432 2.48685 2.40183
4 3.54595 3.46511 3.38721 3.16987 3.03735
5 4.32948 4.21236 4.10020 3.79079 3.60478
6 5.07569 4.91732 4.76654 4.35526 4.11141
7 5.78637 5.58238 5.38929 4.86842 4.56376
8 6.46321 6.20979 5.97130 5.33493 4.96764
9 7.10782 6.80169 6.51523 5.75902 5.32825
10 7.72173 7.36009 7.02358 6.14457 5.65022

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