Problem - Issue Price
The following terms relate to independent bond issues:
1. 500 bonds; $1,000 face value; 8% stated rate; 5 years; annual interest payments
2. 500 bonds; $1,000 face value; 8% stated rate; 5 years; semiannual interest payments
3. 800 bonds; $1,000 face value; 8% stated rate; 10 years; semiannual interest payments
4. 2,000 bonds; $500 face value; 12% stated rate; 15 years; semiannual interest payments
Required: Assuming the market rate of interest is 10%, calculate the selling price for each bond issue. Refer to the tables above for present value factors. If required, round all calculations to the nearest dollar.