Please explain how to arrive at the "Market Price of Bonds (% of face) = 94.285%" section in the excel sheet.
Extracted text: Haiku Inc. issued $600,000 of 10-year bonds with a stated rate of 11% when the market rate was 12%. The bonds pay interest semi-annually. Assume that the bonds were issued for $565,710. Prepare an amortization table for the first three payments. Semiannual Semiannual Semiannual . Amortization Interest Interest Interest Expense Discount Period Payment $33.943 $33,000 $943 BONDS PAYABLE - EFFECTIVE-INTEREST AMORTIZATION METHOD - DISCOUNT (HW-02, #1) Semiannual Bond Discount Beginning Interest Period Carrying Value Interest Expense Semiannual Semiannual Unamortized Ending Carry Interest Cash Amortized Bond Discount Value Payment 34,290 565,710 1 565,710 33,943 33,000 943 33,347 566,653 2 566,653 33,999 33,000 999 32,348 567,652 3 567,652 34,059 33,000 1,059 31,289 568,711 Bond Face Value = $600,000 %3D Annual Interest Rate = 11.0% Time Period - Semiannual (years) = 0.5 Market Price of Bonds (% of Face) = 94.285% Current Market Interest Rate = 12.0%