When the market rate of interest was 12%, Halprin Corporation issued $642,000, 11%, 10-year bonds that pay interest annually. Use the present value tables below. The selling price of this bond issue was?

Present Value of 1 to Be Paid in the Future

Present Value of a Series of 1 Payments to Be Paid in the Future

Periods	5%	6%	7%	10%
1	0.95238	0.94340	0.93458	0.90909
2	0.90703	0.89000	0.87344	0.82645
3	0.86384	0.83962	0.81630	0.75132
4	0.82270	0.79209	0.76290	0.68301
5	0.78353	0.74726	0.71299	0.62092
6	0.74622	0.70496	0.66634	0.56447
7	0.71068	0.66506	0.62275	0.51316
8	0.67684	0.62741	0.58201	0.46651
9	0.64461	0.59190	0.54393	0.42410
10	0.61391	0.55840	0.50835	0.38554
Periods	11.0%	11.5%	12.0%	12.5%
1	0.90090	0.89686	0.89286	0.88889
2	0.81162	0.80436	0.79719	0.79012
3	0.73119	0.72140	0.71178	0.70233
4	0.65873	0.64699	0.63552	0.62430
5	0.59345	0.58026	0.56743	0.55493
6	0.53464	0.52042	0.50663	0.49327
7	0.48166	0.46674	0.45235	0.43846
8	0.43393	0.41860	0.40388	0.38974
9	0.39093	0.37543	0.36061	0.34644
10	0.35218	0.33671	0.32197	0.30795

Periods	5%	6%	7%	10%
1	0.95238	0.94340	0.93458	0.90909
2	1.85941	1.83339	1.80802	1.73554
3	2.72325	2.67301	2.62432	2.48685
4	3.54595	3.46511	3.38721	3.16987
5	4.32948	4.21236	4.10020	3.79079
6	5.07569	4.91732	4.76654	4.35526
7	5.78637	5.58238	5.38929	4.86842
8	6.46321	6.20979	5.97130	5.33493
9	7.10782	6.80169	6.51523	5.75902
10	7.72174	7.36009	7.02358	6.14457
Periods	11%	11.5%	12%	12.5%
1	0.90090	0.89686	0.89286	0.88889
2	1.71252	1.70122	1.69005	1.67901
3	2.44372	2.42262	2.40183	2.38134
4	3.10245	3.06961	3.03735	3.00564
5	3.69590	3.64988	3.60478	3.56057
6	4.23054	4.17029	4.11141	4.05384
7	4.71220	4.63704	4.56376	4.49230
8	5.14612	5.05564	4.96764	4.88205
9	5.53705	5.43106	5.32825	5.22849
10	5.88923	5.76777	5.65022	5.53643

a.$641,997

b.$3,805,757

c.$3,650,179

d.$605,723