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

to Be Paid in the Future 1 2 Periods 5% 6% 7% 10% 11% 11.5% 12% 12.5% 0.95238 0.94340 0.93458 0.90909 0.90090 0.89686 0.89286 0.88889 0.90703 0.89000 0.87344 0.82645 0.81 162 0.80436 0.79719 0.79012 3 0.86384 0.83962 0.81630 0.75132 0.73119 0.72140 0.71178 0.70233 4 0.82270 0.79209 0.76290 0.68301 0.65873 0.64699 0.63552 0.62430 5 0.78353 0.747260.71299 0.62092 0.59345 0.58026 0.56743 0.55493 6 0.74622 0.70496 0.66634 0.56447 0.53464 0.52042 0.50663 0.49327 7 0.71068 0.66506 0.62275 0.513160.48166 0.46674 0.45235 0.43846 8 0.67684 0.62741 0.58201 0.46651 0.43393 0.41860 0.40388 0.38974 9 0.64461 0.59190 0.54393 0.42410 0.39093 0.37543 0.36061 0.34644 10 0.61391 0.55840 0.50835 0.385540.35218 0.33671 0.32197 0.30795 Picture/nPresent Value of a Series of 1 Payments to Be Paid in the Future Periods 3% 0% 7% 10% 11% 11.5% 12% 12.5 % 1 0.55238 0.94340 0.93458 0.90909 0.90090 0.89696 0.59280 0.89559 2 1.859411.83339 1.80802 1.735541.71252 1.701221 690051,67901 3 2.72325 2.67301 2.02432 248085 2.443722.42262 2.40183 2.39134 4 3.545953.46511 3.38721 3.169873.102453.06951 3.03735 3.00564 5 4.32948 4.212364.10020 3.79079 3.69590 3.649883.604783.56057 5.07560 4.91732 4.76654 4.333264.230544.170204.111414.05384 5.786375.58238 5.38929 4.86842 4.712204.63704 4.56376 4.49230 8 6.46321 6.20079 5.971305.33403 5.146125.05564 4.967644.88205 97.10782 6.80160 6.51523 5.75002 5.53705 5.43106 5.328255.22840 10 7.721747.36009 7.02358 6.144575.59923 5.767775.03022 5.53643 6 7 O A $621,524 6. $321,970 C. $943,494 D. $1,000,000