When the market rate of interest was 12%, Patel Corporation issued $1,000,000, 11%, 10-year bonds that pay interest annually. The selling price of this bond issue was

a. $ 321,970

b. $1,000,000

c. $ 943,494

d. $621,524

This is my third time posting this question and I am not clear of how each person came up with market rate of interest from the 12%. I understand how they came up with 110,000 (1,000,000* 11%), but I do not understand how to come up with the 5.650. Please help me understand this calculation. I am getting so frustated.