On October 1st, 2021, Harrel Corp. purchased $190,000 face value, 7% semi-annual bonds from Smithson Inc. The bonds have a maturity of 3 years and will pay interest every September 30th and March 31st. On the date of the issue, the market rate was 6% and Harrel paid fair market value for the bonds. What was the purchase price?
Multiple Choice
$190,000
$159,121
$159,528
$195,145
$177,303