1. On January 1, 2009, The Clark Corporation issued $800,000 of 12-year bonds with a face rate of 10%. Interest is paid SEMIANNUALLY. The market rate of interest on January 1, 2009 was 8%. What was the PROCEEDS from the bond issue?
a. How would your answer change if the market rate on the issue date of the above bond had been 11% instead of 8%?