A company issues bonds with a par value of $800,000 on their issue date. The bonds mature in 5 years and pay 6% annual interest in two semiannual payments. On the issue date, the market rate of interest is 8%. Compute the price of the bonds on their issue date. The following information is taken from present value tables:

present value of an annuity for 10 periods at 3%.....8.5302
present value of an annuity for 10 periods at 4%.....8.1109
present value of 1 due in 10 oeriods at 3%..........0.7441
present value of 1 due in 10 periods at 4%.....0.6756

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The Basics and Pricing of Debt Securities (Bonds) (http://vitalbusinessinfo.blogspot.com/2009/10/accounting-for-bonds.html)