Eli Corporation issued $200,000 of 10-year bonds on January 1 . The bonds pay interest on January 1 and July 1 and have a stated rate of 1 . percent. If the market rate of interest at the time the bonds are sold is 8 percent, what will be the issuance price of the bonds?
a. $175,078
b. $211,283
c. $215,902
d. $227,183
D
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