Hosmer

Corporation issued $120,000 par​ value, 8%​, 4​-year bonds​ (i.e., there were 120 of

$1,000 par value bonds in the​ issue). Interest is payable semiannually each January 1 and July 1 with the first interest payment due at the end of the period on July 1. Determine the issue price of the bonds if the market rate of interest is 10%. Determine the issue price of the bonds. ​(Use the present value and future value​ tables, the formula​ method, a financial​ calculator, or a spreadsheet for your calculations. If using present and future value tables or the formula​ method, use factor amounts rounded to five decimal​ places, X.XXXXX. Round your final answers to the nearest whole​ dollar.)

The issue price of the bonds is $

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