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On January 1, 2010, Broker Corp. issued $3,000,000 par value 12%, 10 year bonds which pay interest semiannually each June 30 and December 31.

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On January 1, 2010, Broker Corp. issued $3,000,000 par value 12%,

10 year bonds which pay interest semiannually each June 30 and December 31. If the market rate of interest at issuance was 8%, what was the issue price of the bonds?
a. $3,815,420
b. $2,311,805
c. $3,000,000
d. $3,339,084

 
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