On January 1, Ruiz Company issued bonds as follows:

Face Value: $500,000
Number of Years: 30
Stated Interest Rate: 7%
Interest payments per year 2
Note: The bonds pay interest semiannually.

Required:
1) Given the different market interest rates below, calculate the following items.
Calculate the bond selling price using the Excel PV function. Enter all function arguments as cell references.

(Use cells A4 to B7 from the given information to complete this question.)

a) Market Interest Rate: 9%
Semiannual Interest Payment:
Bond Selling Price: '