## Answers

Semi-annual interest: n = 15 years*2 n = 30 1 =12%/2 I =6% Present value of semiannual interests = $50,000*PV of ordinary annuity (n=30, i=6.0%) Present value of semiannual interests = $50,000*13.76483 Present value of semiannual interests = $688,242 Present value of maturity value = $1,000,000*Pv of $1(n=30, i= 6.0%) Present value of maturity value = $1,000,000*0.17411 Present value of maturity value = $174,110 Issue price of bond = $688,242 +$174,110 Issue price of bond = $862,352 Hence, the correct option is $862,352

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