On January 1, a company issues bonds with a par value of $300,000. The bonds mature in 5 years and pay 8% annual interest each June 30 and December 31. On the issue date, the market rate of interest is 6%. Compute the price of the bonds on their issue date. The following information is taken from present value tables: 
Definitions:
Normative Statement
An opinion-based statement that reflects beliefs about what is good or desirable and prescribes or recommends specific policies.
Health Insurance
A type of insurance coverage that pays for an individual's medical and surgical expenses.
Efficient Market
A market in which prices fully reflect available information, allowing for optimal allocation of resources.
Positive Statement
An objective statement that can be tested, amended, or rejected by referring to the available evidence.
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