Mountain Excursions issues bonds due in 15 years with a stated interest rate of 11% and a face value of $180,000. Interest payments are made semi-annually. The market rate for this type of bond is 12%. Using a financial calculator or Excel, calculate the issue price of the bonds. Multiple Choice 1. $193,835. 2. $167,612. 3. $180,000. 4. $100,313.

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