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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

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