Answer:
the issue price of the bond is $8,640,999
Explanation:
The computation of the issue price of the bond is shown below:
Particulars Amount PV factor Present value
Semi-annual Interest $300,000 13.59033 $4,077,099
Principal $10,000,000 0.45639 $4,563,900
Issue price of the bonds $8,640,999
Therefore the issue price of the bond is $8,640,999